TCREUR_Public/080514.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, May 14, 2008, Vol. 9, No. 95

                            Headlines


A U S T R I A

BIODIESEL ENNS: Claims Registration Period Ends June 17
DETEKTIVAGENTUR POECHHACKER: Claims Registration Ends May 27
RKM PERSONALVERMITTLUNG: Claims Registration Period Ends June 2
SECRET GARDEN: Claims Registration Period Ends May 19


B U L G A R I A

KREMIKOVTZI AD: Court Orders Appointment of Administrators


D E N M A R K

KOPPERS HOLDINGS: March 31 Balance Sheet Upside-Down by US$7.6MM


F I N L A N D

GRAHAM PACKAGING: March 31 Balance Sheet Upside-Down by US$771MM


F R A N C E

DELPHI CORP: Seeks to Raise Loan by US$254MM Amid Market Support


G E R M A N Y

ACCIO KRANKENPFLEGETEAM: Claims Registration Ends June 2
B & B BAUTREUHAND: Claims Registration Ends June 2
BOHA BAU: Claims Registration Period Ends May 28
BARTL BILDER: Claims Registration Period Ends June 2
BEST OF BASIC: Claims Registration Period Ends June 2

BSK GMBH: Claims Registration Period Ends May 27
BUERO - INFORMATIONSTECHNIK: Claims Period Ends June 2
CAI WETTSCHERECK: Claims Registration Period Ends June 2
DMS MIMM: Claims Registration Period Ends June 2
DNZ CONSULTING: Claims Registration Period Ends June 2

FALKEN STUCK: Claims Registration Ends June 2
FITBODIES GMBH: Claims Registration Period Ends May 30
FORM PLUS: Claims Registration Period Ends May 30
FRESENIUS SE: S&P Keeps BB Rating; Revises Outlook to Positive
G.U.T. GESELLSCHAFT: Claims Registration Period Ends May 30

HME GMBH: Claims Registration Period Ends May 30
MEDIA SERVICE: Claims Registration Period Ends May 30
MEISTERBETRIEB HOFMANN: Claims Registration Period Ends May 31
ROTONDA BUSINESS-CLUB: Claims Registration Period Ends May 24
SCHNEIDER BAU: Claims Registration Ends June 1

SPIELAUTOMATEN KLEIN: Claims Registration Ends June 1
VTS SCHLAUCHTECHNIK: Claims Registration Ends May 20


I R E L A N D

AGCERT INTERNATIONAL: Inks Rescue Deal with AES Corporation
C.L.E.A.R. PLC: S&P Lowers and Withdraws Ratings on Notes
EIRLES TWO : Fitch Junks Ratings on Four Notes Series
PALMER SQUARE: Moody's May Further Cut Junk Rating After Review


I T A L Y

SEAT PAGINE: Reports EUR65.3 Million Net Loss for Q1 2008
TISCALI SPA: Receives Bids from Seven Firms; Drops Carphone
TISCALI SPA: Reports EUR37.5 Net Loss in 1st Quarter of 2008
TISCALI SPA: Shareholders Appoint New Board of Directors


K A Z A K H S T A N

AES CORP: Kazakhstan Units Get Default Waiver Through June 30
ALEM INFO: Creditors Must File Claims by June 17
ATBASY LLP: Claims Deadline Slated for June 13
EVRAZYISKIYE NOVYE: Claims Filing Period Ends June 13
FARVATER OJSC: Creditors' Claims Due on June 18

MAKSAN TRANS: Claims Registration Ends June 13
MALAZGIRT LLP: Creditors Must File Claims by June 17
SHYGYS-MUNAI LLP: Claims Deadline Slated for June 18
STELLA & E: Claims Filing Period Ends June 13
STROY EXPRESS-2030: Creditors' Claims Due on June 18


K Y R G Y Z S T A N

ASIA STROY: Creditors Must File Claims by June 13
DASTAN SECURITIES: Claims Filing Period Ends June 13


L U X E M B O U R G

ELECTRONIC DATA: Sells Assets to HP for US$13.9 Billion
HANESBRANDS INC: Earns US$36 Million in Quarter Ended March 29
HANESBRANDS INC: S&P Lifts Corporate Credit Rating to BB-
HANESBRANDS INC: Avis Budget CEO Elected to Board of Directors
N E T H E R L A N D S

AES CORPORATION: Earns US$233 Million in Quarter Ended March 31
AES CORPORATION: To Write Off AgCert’s EUR20 Million Debt
CLASSIC I (NETHERLANDS): Moody's Junks Rating on Class A2 Notes
IMAX CORPORATION: March 31 Balance Sheet Upside-Down by US$95MM
IMAX CORP: Inks Fifth Amendment to Wachovia Capital Loan Pact

IMAX CORPORATION: Closes Private Placement Deal with Douglas


R U S S I A

ALESKEEVSKAYA OJSC: Creditors Must File Claims by June 26
ALTTRAK-SCIENTIFIC–TECHNICAL: Claims Filing Period Ends May 26
KUBAN LLC: Creditors Must File Claims by May 26
MARSHALL HOLDINGS: Madsen Expresses Going Concern Doubt
MEAT-PACKING PLANT: Asset Sale Slated for May 29

MEDIA-GRAD LLC: Creditors Must File Claims by May 26
NAZAROVSKIY WOOD-PROM-KHOZ: Creditors Must File Claims by May 26
NOVOLIPETSK STEEL: Earns RUR7.4 Billion for First Quarter 2008
PROMSVYAZBANK: Positive Developments Cue Moody's to Lift Ratings
SIBIRTELECOM OAO: Sees Sales Tripled by 2012 on Internet Biz

SISTEMA-HALS OJSC: Liquidity Concerns Cue Fitch's Neg. Outlook
SITRONICS JSC: Maxim Zhukov Named Acting Chief Financial Officer
TOMSK OBLAST: S&P Puts B+ Long-Term Credit Rating
VITYAZ LLC: Creditors Must File Claims by May 26
VOLGA-INKOR CJSC: Creditors Must File Claims by May 26


S P A I N

SANTANDER FINANCIACION 1: S&P Puts BB Rating on Watch Negative
SANTANDER FINANCIACION 3: Moody's Junks Rating on EUR22MM Notes


S W I T Z E R L A N D

BERCHTOLD SYSTEMS: Creditors' Liquidation Claims Due by May 15
FAGUS JSC: Creditors Must File Proofs of Claims by May 15
INTEROFEN JSC: Proofs of Claim Filing Deadline is May 15
MLC MEDICAL: June 17 Deadline Set for Filing Proofs of Claim
REDPOINT SOFTWARE: Zug Court Commences Bankruptcy Proceedings

REPDI JSC: Creditors Have Until May 15 to File Proofs of Claim
RUTTI + RUTTI: Creditors' Liquidation Claims Due by May 15
STENIL JSC: Zug Court Commences Bankruptcy Proceedings


U K R A I N E

ARMINVEST LLC: Proofs of Claim Deadline Set May 22
D-ZOOM LLC: Proofs of Claim Deadline Set May 23
EUROCOM CJSC: Proofs of Claim Deadline Set May 22
GENERAL COMPANY: Creditors Must File Claims by May 21
IVANITSA LLC: Proofs of Claim Deadline Set May 23

PHARMACY1 TEKT-PLUS: Proofs of Claim Deadline Set May 22
SMACHNY KRAY: Proofs of Claim Deadline Set May 23
SPECAGRO-XXI LLC: Proofs of Claim Deadline Set May 22
SVAROG LLC: Proofs of Claim Deadline Set May 23
VITRO LLC: Proofs of Claim Deadline Set May 22

VOLKOL LLC: Proofs of Claim Deadline Set May 22


U N I T E D   K I N G D O M

ABITIBIBOWATER INC: Posts US$248 Million Net Loss in 1Q 2008
ARGON CAPITAL: Fitch Keeps Neg. Watch on Series 63's  Ratings
ARTISAN GST: Brings In Joint Administrators from Deloitte
AVIATION SUPPORT: Appoints Dilip K. Dattani as Liquidator
BAA LIMITED: Confirms British Airways' June Move to Terminal 5

BARWELL TRAVEL: Appoints Administrators from Menzies
BATEMANS LTD: Taps Joint Administrators from BDO Stoy
BIBA INTERNATIONAL: Names Administrators from Grant Thornton
BJF LASERS: Appoints Moore Stephens to Administer Assets
BRITISH AIRWAYS: Confirms June Move to Terminal Five

CHRIS EVERILL: Brings In Liquidators from Tenon Recovery
CLEAR CHANNEL: Revenues Up 4% to US$1.6 Billion in 1st Qtr. 2008
CORBY BOTTLERS: Creditors' Meeting Slated for May 23
DARLINGTON WINES: Creditors' Meeting Slated for May 23
DENKALE LTD: Appoints Baker Tilly as Joint Administrators

D.J. LITT: Cash Flow Problems Prompt Administration
DURA AUTOMOTIVE: U.S. Court Confirms Chapter 11 Plan
GLOBAL TIMBER: Taps Liquidators from Tenon Recovery
ISHARES JPMORGAN: Moody's Assigns Ba2/MR5 Fund Ratings
LTC HAULIERS: Brings In Administrators from Begbies Traynor

N-TSAR PORTFOLIO: Fitch Junks Ratings on All CDS Classes
NORTHERN ROCK: Business Plan Shows Solid Progress
PUBLICAN LTD: Hires Liquidators from Moore Stephens
REVIEW COMPANY: Calls In Liquidators from Tenon Recovery
SAGA INVESTMENT: Moody's Cuts Ratings on Four Note Classes

SBS COMMERCIAL: Three Former Directors Buy Assets
SEA CONTAINERS: Wants Court to Approve SCL and GECC Global Pact
SIRF CAPITAL 3: Fitch Keeps B Ratings on Watch Negative
TOPWOOD BUILDINGS: Claims Filing Period Ends June 16
UKRAINE AUTO: Fitch Rates US$18.7 million Class B Notes at B

UKRAINE AUTO: Moody's Rates US$18.7 Mln Class B Notes at (P)Ba3
* PKF Says Companies In Administration and Receivership Rise


                            *********

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A U S T R I A
=============


BIODIESEL ENNS: Claims Registration Period Ends June 17
-------------------------------------------------------
Creditors owed money by LLC Biodiesel Enns & Co KG (FN 262083t)
have until June 17, 2008, to file written proofs of claim to
court-appointed estate administrator Guenther Grassner at:

          Dr. Guenther Grassner
          c/o Dr. Norbert Mooseder
          Suedtirolerstrasse 4-6
          4020 Linz
          Austria
          Tel: 0732/77 08 15
          Fax: 770816
          E-mail: lawfirm@gltp.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on July 1, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Steyr
          Hall 7
          Second Floor
          Steyr
          Austria

Headquartered in Enns, Austria, the Debtor declared bankruptcy
on April 16, 2008 (Bankr. Case No. 14 S 26/08h).  Norbert
Mooseder represents Dr. Grassner in the bankruptcy proceedings.


DETEKTIVAGENTUR POECHHACKER: Claims Registration Ends May 27
------------------------------------------------------------
Creditors owed money by LLC Detektivagentur Poechhacker (FN
91821g) have until May 27, 2008, to file written proofs of claim
to court-appointed estate administrator Guenther Hoedl at:

          Dr. Guenther Hoedl
          c/o Dr. Andrea Simma  
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 16 55
          Fax: 513 16 55 33
          E-mail: Hoedl@anwaltsteam.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 10, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 16, 2008 (Bankr. Case No. 6 S 53/08y).  Andrea Simma
represents Dr. Hoedl in the bankruptcy proceedings.


RKM PERSONALVERMITTLUNG: Claims Registration Period Ends June 2
---------------------------------------------------------------
Creditors owed money by KG RKM Personalvermittlung Koeck-Mayer
(FN 276931b) have until June 2, 2008, to file written proofs of
claim to court-appointed estate administrator Petra Diwok at:

          Mag. Petra Diwok
          Landstrasser Hauptstrasse 34
          1030 Vienna
          Austria
          Tel: 713 80 57, 713 80 58
          Fax: 713 07 76
          E-mail: diwok@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 16, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 16, 2008 (Bankr. Case No. 3 S 39/08t).  


SECRET GARDEN: Claims Registration Period Ends May 19
-----------------------------------------------------
Creditors owed money by LLC Secret Garden Promotion (FN 266443d)
have until May 19, 2008, to file written proofs of claim to
court-appointed estate administrator Andrea Eisner at:

          Mag. Andrea Eisner
          Brunnenplatz 5c
          7210 Mattersburg
          Austria
          Tel: 02626/62665
          Fax: 02626/63141
          E-mail: office@ra-eisner.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 2, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Eisenstadt, Austria, the Debtor declared
bankruptcy on April 16, 2008 (Bankr. Case No. 26 S 31/08y).


===============
B U L G A R I A
===============


KREMIKOVTZI AD: Court Orders Appointment of Administrators
----------------------------------------------------------
A Bulgarian court on April 30, 2008, appointed administrators at
Kremikovtzi AD in relation with the steel mill's deteriorating
financial position, published reports say.

According to the reports, Peshtoremont AD and several smaller
companies, owed around BGN3 million, filed an insolvency
petition against Kremikovtzi in an attempt to recover debts.

Judge Daniela Marcheva disclosed that Kremikovtzi's current
liquidity ratio was 1.2, whereas the industry average was 2.  
Kremikovtzi can appeal the court ruling by May 14, 2008, reports
say.

The court will disclose its final decision on the insolvency
petition on June 17, 2008.  Any disposal of Kremikovtzi's assets
will need the approval of the two appointed administrators
before the said date, Dnevnik a.m relates.

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a single-site steel producer
in Bulgaria that reported BGN896 million in revenues in 2006.
It explores and produces iron and ore fields.  At Jan. 31, 2008,
the mill has BGN1.01 billion in total debts.


=============
D E N M A R K
=============


KOPPERS HOLDINGS: March 31 Balance Sheet Upside-Down by US$7.6MM
---------------------------------------------------------------
Koppers Holdings Inc. reported results for its fiscal 2008 first
quarter.

At March 31, 2008, the company's consolidated balance sheet
showed US$700.0 million in total assets, US$697.6 million in
total liabilities, and US$10.0 million in minority interest,
resulting in a US$7.6 million total stockholders' deficit.

Net income for the first quarter of 2008 increased to
US$13.2 million as compared to US$10.5 million in the prior year
quarter.  Net income for the quarter benefited from higher
volumes and prices for Carbon Materials & Chemicals, which more
than offset lower volumes for crossties and utility poles.

The company's sales for the quarter ended March 31, 2008,
increased 13.0%, or US$39.0 million, to US$348.0 million, as
compared to US$30.09 million for the prior year quarter.  

This increase was a result of higher sales in the Carbon
Materials & Chemicals segment, which increased 28.0%, or US$52.0
million.  The increase in this segment was due mainly to
increased pricing for most product lines as a result of higher
raw material costs, higher oil prices, higher foreign currency
exchange rates, and higher carbon materials volumes due to
strong product demand.

Sales for Railroad & Utility Products decreased 10.0%, or
US$13.0 million, due primarily to lower volumes of railroad
crossties and utility poles.  Management believes the reduction
in railroad crossties is due partly to an effort by some of the
Class 1 railroads to reduce inventories, and expects demand to
improve in the third quarter.

EBITDA for the quarter ended March 31, 2008, was US$39.2 million
compared to EBITDA of US$35.6 million in the prior year.  T

Commenting on the quarter, president and chief executive officer
Walter W. Turner said, "The first quarter exceeded our
expectations, reflecting strong pricing and product demand for
the global carbon materials and chemicals business.  The lower
demand in our railroad business is expected to improve in the
third quarter.  

"Looking ahead, we are optimistic about 2009 as we anticipate
the completion of construction of our existing joint venture
expansion project and our new joint venture in China, both of
which we anticipate coming on-line by the end of 2008.  We
continue to benefit from strong demand within our key end
markets for aluminum, rubber and concrete, as well as our focus
on enhancing cash flow and our strict adherence to safety,
health and environmental regulations."

                            Guidance

Mr. Turner continued, "I am very pleased that our first
quarter's results exceeded expectations and fully expect that
strength to continue through 2008 and into 2009; however, based
on the seasonality of our business I would like to get further
into the second quarter before we modify our annual guidance to
more accurately reflect our expectations for 2008.  Therefore,
we are not adjusting our 2008 guidance for sales growth from
between 5.0% and 8.0%, an increase in adjusted EBITDA from 6.0%
to 9.0% and an improvement in earnings per share of between
10.0% and 13.0%."

                           Liquidity

As of March 31, 2008, the company had US$82.9 million of unused
revolving credit availability under the company's senior secured
credit facility, which provides for a revolving credit facility
of up to US$125.0 million and term loans of US$28.6 million at
variable rates.

The company's estimated liquidity was US$108.1 million at
March 31, 2008.  The company's estimated liquidity was US$116.3
million at Dec. 31, 2007.  The decrease in estimated liquidity
from that date is primarily due to a reduction in cash and cash
equivalents.

On Feb. 6, 2008, the company's board of directors approved a
common stock repurchase program.  This program allows for the
repurchase of up to US$75.0 million of common stock from time to
time in the open market. The program is scheduled to expire in
February 2010.  As of March 31, 2008, no repurchases have been
made under this program.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2bd1

                     About Koppers Holdings

Koppers Holdings Inc. (NYSE: KOP) -- http://www.koppers.com/--   
with corporate headquarters and a research center in Pittsburgh,
Pa., is a global integrated producer of carbon compounds and
treated wood products.  Including its joint ventures, Koppers
operates facilities in the United States, United Kingdom,
Denmark, Australia, and China.


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F I N L A N D
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GRAHAM PACKAGING: March 31 Balance Sheet Upside-Down by US$771MM
----------------------------------------------------------------
Graham Packaging Holdings Company's consolidated balance sheet
at March 31, 2008, showed US$2.3 billion in total assets and
US$3.0 billion in total liabilities, resulting in a US$771.5
million total partners' deficit.

The company reported net income of US$3.8 million for the first
quarter ended March 31, 2008, compared with a net loss of
US$15.6 million in the corresponding period last year.

Net sales for the three months ended March 31, 2008, increased
US$47.6 million, or 7.7%, to US$669.4 million from US$621.8
million for the three months ended March 31, 2007.  The increase
in sales was primarily due to an increase in resin costs which
are passed through to customers and the positive impact of
changes in exchange rates, offset by lower volume and price
reductions in response to competitive pressure.

Gross profit for the three months ended March 31, 2008,
increased US$12.9 million to US$93.1 million from US$80.2
million for the three months ended March 31, 2007.  The increase
in gross profit was primarily attributable to ongoing expense
reduction initiatives, lower depreciation expense of US$4.8
million, a weakening of the dollar against the euro and other
currencies of US$2.5 million and lower project startup costs of
US$600,000, partially offset by price reductions in response to
competitive pressure.

Selling, general and administrative expenses for the three
months ended March 31, 2008, decreased US$2.2 million to US$33.0
million from US$35.2 million for the three months ended
March 31, 2007.

Interest expense decreased US$5.1 million to US$50.8 million for
the three months ended March 31, 2008, from US$55.9 million for
the three months ended March 31, 2007.  The decrease was
primarily related to the write-off in 2007 of US$4.5 million of
deferred financing fees in connection with the March 30, 2007
amendment to the company's credit agreement.

Income tax provision increased US$3.2 million to US$6.4 million
for the three months ended March 31, 2008, from US$3.2 million
for the three months ended March 31, 2007.  

                Liquidity and Capital Resources

At March 31, 2008, the company's total indebtedness was
US$2.5 billion.  

At March 31, 2008, availability under the company's US$250.0
million revolving credit, which expires on Oct. 7, 2010, was
US$239.1 million.  As of March 31, 2008, the company was in
compliance with the financial ratios and tests specified in the
credit agreement with is lenders.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2bcc

                     About Graham Packaging

Based in York, Pa., Graham Packaging Holdings Company,
the parent company of Graham Packaging Company L.P. --
http://www.grahampackaging.com/-- is engaged in the design,
manufacture and sale of customized blow molded plastic
containers for the branded food and beverage, household,  
automotive lubricants and personal care/specialty product  
categories.  

The Blackstone Group, an investment firm, is the majority owner
of Graham Packaging Holdings Company.

As of Dec. 31, 2007, the company has one on-site plant in
Argentina, three on-site plants in Brazil and one off-site plant
in each of Argentina, Brazil and Venezuela.  In Mexico, the
company has three off-site plants and two on-site plants.

In Europe, Graham Packaging has on-site plants in each of
Belgium, France, Hungary, the Netherlands, Poland, Spain and
Turkey and seven off-site plants in Finland, France, the
Netherlands, Poland, Turkey and the United Kingdom.

The company also has one off-site facility located near Toronto,
Canada to service Canadian and northern U.S. customers.


===========
F R A N C E
===========


DELPHI CORP: Seeks to Raise Loan by US$254MM Amid Market Support
----------------------------------------------------------------
Delphi Corp. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Southern District of New York to:

  (a) increase the size of the Tranche C term loan by
      approximately US$254 million,

  (b) complete any necessary related documentation and  
      transactions, and

  (c) pay fees in connection therewith.

The Hon. Robert Drain on, April 30, 2008, authorized the Debtors
to enter into an amendment and restatement of the First Amended
and Restated DIP Credit Agreement.  Among other things, the
amendment extended the maturity of the DIP Facility to Dec. 31,
2008 and reconfigured the size of the first priority revolving
loan and the first priority term loan.

At the time of the April 30 hearing, the Debtors anticipated
that:

   -- the Tranche A of the DIP Facility would consist of a first
      priority revolving credit facility of up to
      US$1 billion;

   -- Tranche B would consist of a first priority term loan of
      up to US$600 million, and

   -- The principal amount of the second priority term loan of
      approximately US$2.5 billion under Tranche C would remain
      unchanged.

As the syndication effort proceeded, investor interest in
participating in the Debtors' DIP Facility proved to be
significantly stronger than previously expected, John Wm.
Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in Chicago, Illinois, tells the Court.  "Indeed, interest in the
Debtors' DIP Facility was so high that it resulted in an
oversubscription for the Tranche A, Tranche B, and Tranche C
amounts that the Debtors anticipated borrowing."

As a result, the Debtors and the DIP Lenders, according to
Mr. Butler, were able to make use of the opportunity afforded by
the market support to make several improvements to the structure
of the Second DIP Extension:

  (i) The Debtors increased the amount of availability under the
      Tranche A revolving credit facility to US$1.1 billion and
      decreased the amount of the Tranche B term loan to
      US$500 million.  The Debtors anticipate the shift between
      the Tranche A and Tranche B borrowings will save several
      hundred thousand dollars in interest expense per month.  
      The amendments to Tranche A and Tranche B are
      substantially consistent with the terms of the form of
      Second Amended and Restated DIP Credit Agreement.  

(ii) As a result of greater market interest, the Debtors were
      able to increase the principal amount of the Tranche C
      Loan by approximately US$254 million.

The Second Amended and Restated Credit Agreement, including the
revisions to Tranche A and Tranche B as well as the existing
Tranche C, became effective on May 9, 2008.  The increase in the
principal amount of the Tranche C Term Loan of approximately
US$254 million remains subject to the Court's approval and
therefore has not yet become effective.

Mr. Butler explains that upsizing the Tranche C term loan will
supply additional liquidity for the Debtors without negatively
affecting the pricing terms or other benefits of the financing
for which the Debtors sought approval from this Court in April
2008.  Although the upsizing will result in incrementally higher
interest expense (related solely to the contemplated additional
principal amount under the Tranche C term loan), the Debtors
believe that during this period of unprecedented financial
market volatility and uncertainty in the economy and the
automotive industry, the additional liquidity requested is of
substantial value to them.

As of May 9, 2008,the Debtors have borrowed US$2,496,000,000
under the Tranche C term loan.  Pending the Court's approval of
the loan increase, the Debtors anticipate borrowing an
additional amount equal to approximately US$254 million under
the Tranche C term loan on June 9, 2008.

The Debtors will be obligated to pay certain fees with respect
to the increase of the Tranche C loan.  Specifically, the
Debtors will be required to pay the lenders an upfront fee of 2%
of the additional US$254 million.  In addition, the US$254
million will also accrue a "ticking fee" equal to 262.5 basis
points from the May 9, 2008, effective date of the DIP Facility
through the funding date, on a daily basis.

                       About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle   
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.

As of Nov. 30, 2007, the Debtors' balance sheet showed
US$11,528,000,000 in total assets and $24,867,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 128; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


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G E R M A N Y
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ACCIO KRANKENPFLEGETEAM: Claims Registration Ends June 2
--------------------------------------------------------
Creditors of Accio Krankenpflegeteam GmbH have until June 2,
2008 to register their claims with court-appointed insolvency
manager Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against  Accio Krankenpflegeteam GmbH on March 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Accio Krankenpflegeteam GmbH
         Oraniendamm 10-6
         13469 Berlin
         Germany


B & B BAUTREUHAND: Claims Registration Ends June 2
--------------------------------------------------
Creditors of B & B Bautreuhand GmbH have until June 2, 2008 to
register their claims with court-appointed insolvency manager
Dr. Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on June 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Strasse 16
         06112 Halle
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Nikolaus Schmidt
         Magdeburger Strasse 23, D
         06112 Halle
         Germany
         Tel: 0345/231110
         Fax: 0345/2311199

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against B & B Bautreuhand GmbH on April 24, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         B & B Bautreuhand GmbH
         Preusserstr. 23
         06217 Merseburg
         Germany

         Attn: Hans-Gerit Broda, Manager
         Weidenweg 17
         06217 Merseburg
         Germany


BOHA BAU: Claims Registration Period Ends May 28
------------------------------------------------
Creditors of Boha Bau GmbH have until May 28, 2008, to register
their claims with court-appointed insolvency manager Hans-
Wilhelm Bauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on July 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Regensburg
          Hall 105
          Augustenstr. 5
          Regensburg
          Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Hans-Wilhelm Bauer
          Emmeramsplatz 6
          93047 Regensburg
          Germany
          Tel: 0941/29680-46
          Fax: 0941/2968045

The District Court of Regensburg opened bankruptcy proceedings
against Boha Bau GmbH on May 6, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Boha Bau GmbH
          Luckstein 10
          93192 Wald
          Germany


BARTL BILDER: Claims Registration Period Ends June 2
----------------------------------------------------
Creditors of Bartl Bilder GmbH have until June 2, 2008, to
register their claims with court-appointed insolvency manager
Hartmut Wiesinger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Hartmut Wiesinger
         Gerichtsstr. 12
         32791 Lage
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Bartl Bilder GmbH on April 12, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Bartl Bilder GmbH
         Elisabethstr. 39
         32756 Detmold
         Germany

         Attn: Roland Bartl, Manager
         Hans-Hinrichs-Str. 54
         32756 Detmold
         Germany


BEST OF BASIC: Claims Registration Period Ends June 2
-----------------------------------------------------
Creditors of Best of Basic GmbH have until June 2, 2008, to
register their claims with court-appointed insolvency manager
Dr. Volker Viniol.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on June 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5
         70190 Stuttgart
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Volker Viniol
         Danneckerstr. 52
         70182 Stuttgart
         Germany
         Tel: 0711/23 88 90
         Fax: 0711/23 88 930

The District Court of Stuttgart opened bankruptcy proceedings
against Best of Basic GmbH on April 30, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Best of Basic GmbH
         Attn: Johannes Schwake, Manager
         Zeller Str. 24
         70180 Stuttgart
         Germany


BSK GMBH: Claims Registration Period Ends May 27
------------------------------------------------
Creditors of BSK GmbH IT-Systemhaus have until May 27, 2008, to
register their claims with court-appointed insolvency manager
Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Ludwigshafen am Rhein
          Meeting Hall 13
          Wittelsbachstr. 10
          67061 Ludwigshafen am Rhein
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Peter Depre
          O 4
          13-16
          68161 Mannheim
          Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against BSK GmbH IT-Systemhaus on April 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          BSK GmbH IT-Systemhaus
          Carl-Benz-Strasse 25
          67227 Frankenthal
          Germany


BUERO - INFORMATIONSTECHNIK: Claims Period Ends June 2
------------------------------------------------------
Creditors of Buero - Informationstechnik GmbH have until June 2,
2008, to register their claims with court-appointed insolvency
manager Alfred Koerbitz.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on July 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Alfred Koerbitz
         Promenadeplatz 09
         80333 Muenchen
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Buero - Informationstechnik GmbH on April 22, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Buero - Informationstechnik GmbH
         Potsdamer Strasse 19
         14513 Teltow
         Germany

         Attn: Herrn G. Angelo, Manger
         Seerosenweg 15
         14542 Werder
         Germany


CAI WETTSCHERECK: Claims Registration Period Ends June 2
--------------------------------------------------------
Creditors of Cai Wettschereck GmbH Putz- und Stuckarbeiten have
until June 2, 2008, to register their claims with court-
appointed insolvency manager Michael Foehlisch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael Foehlisch
         Hamburger Str. 208
         22083 Hamburg
         Germany
         Tel: 040/27148116
         Fax: 040/27148136

The District Court of Tostedt opened bankruptcy proceedings
against Cai Wettschereck GmbH Putz- und Stuckarbeiten on
April 22, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Cai Wettschereck GmbH Putz- und Stuckarbeiten
         Vesperweg 13 a
         21244 Buchholz
         Germany


DMS MIMM: Claims Registration Period Ends June 2
------------------------------------------------
Creditors of DMS Mimm und Lauer Verwaltungs-GmbH have until
June 2, 2008, to register their claims with court-appointed
insolvency manager Martin Buchheister.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Meeting Hall 252
         Heinitzstrasse 42/44
         58097 Hagen
         Germany   

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Martin Buchheister
         Rathausplatz 21-23
         58507 Luedenscheid
         Germany

The District Court of Hagen opened bankruptcy proceedings
against DMS Mimm und Lauer Verwaltungs-GmbH on April 28, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DMS Mimm und Lauer Verwaltungs-GmbH
         Friedrich-Ebert-Str. 275
         58566 Kierspe
         Germany

         Attn: Hugo Mimm, Manager
         Koelner Str. 199
         58566 Kierspe
         Germany


DNZ CONSULTING: Claims Registration Period Ends June 2
------------------------------------------------------
Creditors of DNZ Consulting AG have until June 2, 2008, to
register their claims with court-appointed insolvency manager
Christina Siegert.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on July 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Christina Siegert
         Oskar-von-Miller Ring 34-36
         80333 Muenchen
         Germany
         Tel: 089-24440930
         Fax: 089-244409365

The District Court of Munich opened bankruptcy proceedings
against DNZ Consulting AG on April 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DNZ Consulting AG
         Stefan-George-Ring 23
         81929 Muenchen
         Germany


FALKEN STUCK: Claims Registration Ends June 2
---------------------------------------------
Creditors of Falken Stuck GmbH have until June 2, 2008 to
register their claims with court-appointed insolvency manager
Dr. Stefan Oppermann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on July 15, 2008, while creditors
may constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Stefan Oppermann
         Aussere Sulzbacher Strasse 118
         90491 Nuremberg
         Germany

The District Court of Nuremberg opened bankruptcy proceedings
against Falken Stuck GmbH on May 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Falken Stuck GmbH
         Attn: Volker Lederer and Willi Proell, Manager
         Jamnitzer Str. 16
         90429 Nuremberg
         Germany


FITBODIES GMBH: Claims Registration Period Ends May 30
------------------------------------------------------
Creditors of FitBodies GmbH have until May 30, 2008, to register
their claims with court-appointed insolvency manager Lason
Gutsche.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on June 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Frankfurt (Main)
          Hall 1
          Building F
          Klingerstrasse 20
          60313 Frankfurt (Main)
          Germany    
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Lason Gutsche
          Cronstettenstrasse 30
          60322 Frankfurt am Main
          Germany
          Tel: 069/959110-0
          Fax: 069/959110-12

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against FitBodies GmbH on May 2, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          FitBodies GmbH
          Ferdinand-Happ-Strasse 32
          60314 Frankfurt (Main)
          Germany


FORM PLUS: Claims Registration Period Ends May 30
-------------------------------------------------
Creditors of Form Plus Werkzeugbau GmbH & Co. KG have until
May 30, 2008, to register their claims with court-appointed
insolvency manager Uwe Rottler.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Freiburg
          Hall 1
          Holzmarkt 2
          79098 Freiburg i.Br.
          Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Uwe Rottler
          Wilhelmstr. 1b
          79098 Freiburg
          Germany
          Tel: 0761/703940

The District Court of Freiburg opened bankruptcy proceedings
against Form Plus Werkzeugbau GmbH & Co. KG on May 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Form Plus Werkzeugbau GmbH & Co. KG
          Attn: Wendelin Ansel, Manager
          Ersteiner Str. 17
          79346 Endingen
          Germany


FRESENIUS SE: S&P Keeps BB Rating; Revises Outlook to Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based health care group Fresenius SE and its subsidiary
Fresenius Medical Care AG & Co. KGaA to positive from stable.

At the same time, all ratings, including the 'BB' long-term
corporate credit ratings, were affirmed.

"The outlook revision reflects improved debt protection measures
at Fresenius SE and FME," said Standard & Poor's credit analyst
Marketa Horkova.

"This has been achieved through good cost control and operating
efficiency improvements on the back of healthy organic sales
growth at all divisions, helped by contributions from
acquisitions."

For the 12 months to March 31, 2008, Fresenius SE and FME
achieved adjusted debt to EBITDA of about 3.1x and 3.4x and
adjusted funds from operations to debt of about 20% and 21%,
respectively.  These ratios compare well with our expectations
for the 'BB' rating level of adjusted debt to EBITDA that does
not exceed 3.5x and adjusted funds from operations to debt of
about 15%-20%.

"There is potential for an upgrade in the near term if Fresenius
SE and FME demonstrate their ability to sustain adjusted debt to
EBITDA of about 3x and adjusted funds from operations to debt in
the 20%-25% range," Ms. Horkova added.

The ratings could be lowered if financial metrics decline from
current levels, which--given the group's operating
fundamentals--would be most likely to result from a sizable
acquisition.


G.U.T. GESELLSCHAFT: Claims Registration Period Ends May 30
-----------------------------------------------------------
Creditors of G.U.T. Gesellschaft zur Nutzung Umweltschonender
Technologien Oberbayern mbH have until May 30, 2008, to register
their claims with court-appointed insolvency manager Martin
Manstein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Weilheim i.OB
          Meeting Hall E 007
          Waisenhausstr. 5
          Weilheim i.OB
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Martin Manstein
          Prannerstr. 11
          80333 Munich
          Germany
          Tel: 089/21111500
          Fax: 089/21111555

The District Court of Weilheim i.OB opened bankruptcy
proceedings against G.U.T. Gesellschaft zur Nutzung
Umweltschonender Technologien Oberbayern mbH on April 17, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          G.U.T. Gesellschaft zur Nutzung Umweltschonender
          Technologien Oberbayern mbH
          Muenzstr. 17
          86956 Schongau
          Germany


HME GMBH: Claims Registration Period Ends May 30
------------------------------------------------
Creditors of HME GmbH have until May 30, 2008, to register their
claims with court-appointed insolvency manager Harald Hess.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Harald Hess
          Barbarossahof 4-5
          99092 Erfurt
          Germany

The District Court of Erfurt opened bankruptcy proceedings
against HME GmbH on March 31, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          HME GmbH
          Ringstrasse 9
          99894 Friedrichroda
          Germany


MEDIA SERVICE: Claims Registration Period Ends May 30
-----------------------------------------------------
Creditors of Media Service Zwei GmbH have until May 30, 2008, to
register their claims with court-appointed insolvency manager
Cornelius Nickert.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Villingen-Schwenningen
         Hall 2/2.OG
         Niedere Str. 94
         78050 Villingen-Schwenningen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Cornelius Nickert
         Zeller Str. 101/107
         77654 Offenburg
         Germany
         Tel: 0781/932 470

The District Court of Villingen-Schwenningen opened bankruptcy
proceedings against Media Service Zwei GmbH on April 21, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Media Service Zwei GmbH
         Eichendorffstr. 33
         78054 Villingen-Schwenningen
         Germany


MEISTERBETRIEB HOFMANN: Claims Registration Period Ends May 31
--------------------------------------------------------------
Creditors of Meisterbetrieb Hofmann GmbH have until May 31,
2008, to register their claims with court-appointed insolvency
manager Matthias Dieckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m. on June 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Matthias Dieckmann
         Gute Anger 11
         85356 Freising
         Germany
         Tel: 08161/988110
         Fax: 08161/82472

The District Court of Landshut opened bankruptcy proceedings
against Meisterbetrieb Hofmann GmbH on April 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Meisterbetrieb Hofmann GmbH
         Hochstr. 65
         85395 Wolfersdorf
         Germany


ROTONDA BUSINESS-CLUB: Claims Registration Period Ends May 24
-------------------------------------------------------------
Creditors of Rotonda Business-Club Gastronomie GmbH have until
May 24, 2008, to register their claims with court-appointed
insolvency manager Dr. Ralf Sinz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Ralf Sinz
         Zeughausstrasse 28-38
         50667 Cologne
         Germany
         Tel: 9212223
         Fax: +492219212221

The District Court of Cologne opened bankruptcy proceedings
against Rotonda Business-Club Gastronomie GmbH on April 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Rotonda Business-Club Gastronomie GmbH
         Salierring 32
         50677 Cologne
         Germany


SCHNEIDER BAU: Claims Registration Ends June 1
----------------------------------------------
Creditors of Schneider Bau GmbH have until June 1, 2008 to
register their claims with court-appointed insolvency manager
Marc Herbert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Zweibruecken
         Hall 100
         Zweibruecken
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Marc Herbert
         Neikesstr. 3
         66111 Saarbruecken
         Germany
         Tel: 0681/954 58-0
         Fax: 0681/954 58-23
         E-mail: sekretariat@ra-embacher.de  

The District Court of Zweibruecken opened bankruptcy proceedings
against Schneider Bau GmbH on May 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Schneider Bau GmbH
         Attn: Ludwig Schneider, Manager
         Austr. 4
         66849 Landstuhl
         Germany


SPIELAUTOMATEN KLEIN: Claims Registration Ends June 1
-----------------------------------------------------
Creditors of Spielautomaten Klein GmbH & Co.
Kommanditgesellschaft have until June 1, 2008 to register their
claims with court-appointed insolvency manager Dr. Wolfgang
Delhaes.

Creditors and other interested parties are encouraged to attend
the meeting at 10:08 a.m. on June 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Str. 101
         50939 Cologne
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Wolfgang Delhaes
         Media Park 6 A
         50670 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Spielautomaten Klein GmbH & Co. Kommanditgesellschaft on
April 3, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Spielautomaten Klein GmbH & Co. Kommanditgesellschaft
         Attn: Klaus Klein, Manager
         Hoeninger Weg 115
         50969 Cologne
         Germany


VTS SCHLAUCHTECHNIK: Claims Registration Ends May 20
----------------------------------------------------
The court-appointed insolvency manager for VTS - Schlauchtechnik
GmbH, Dr. Michael Jaffe will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on May 20, 2008.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on July 15, 2008 at the same
venue.

Creditors have until June 2, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Michael Jaffe
         Franz-Joseph-Str. 8
         80801 Munich
         Germany
         Tel: 089/255487-00
         Fax: 089/255487-10

The District Court of Munich opened bankruptcy proceedings
against VTS - Schlauchtechnik GmbH on April 25, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         VTS - Schlauchtechnik GmbH
         Attn: Richard Schrank, Manager
         Muehlweg 3
         82054 Sauerlach
         Germany


=============
I R E L A N D
=============


AGCERT INTERNATIONAL: Inks Rescue Deal with AES Corporation
-----------------------------------------------------------
A rescue package has been drawn up for AgCert International plc
under which US-based AES Corp. will take full control of the
company, Ian Kehoe writes for the Sunday Business Post.  AgCert,
whose debts soared to EUR90 million, entered into examinership
in February 2008.

AES, the Sunday Business Post relates, has agreed to write off
about EUR20 million of AgCert's debt under the proposed rescue
package.  AES also set aside a further EUR7 million to pay off
the company's other creditors, who are expected to recover 10%
of their claims through a series of payments if the proposed
"compromise scheme of arrangement" is approved.

Creditors are set to vote on the rescue deal this week, the Post
discloses.

                       About AES Corp.

AES Corp. (NYSE:AES) -- http://www.aes.com/-- is a global power  
company, with 2007 revenues of US$13.6 billion.  The company has
operations in 29 countries on five continents and has a
workforce of 28,000 people.  The company's 13 regulated
utilities amass annual sales of over 78,000 GWh and its 123
generation facilities have the capacity to generate more than
43,000 megawatts.  

In Europe, the company has operations in Ukraine, Ireland,
Spain, Kazakhstan and Bulgaria, among others.  The company also
has subsidiaries in Europe that includes the Netherlands and
United Kingdom.  Aside from China, AES also has operations in
India and the Philippines.  Latin America operations include
Brazil, Argentina and Chile.

                           About AgCert

Headquartered in Dublin, Ireland AgCert International plc --
http://www.agcert.com/-- was founded to generate emission  
reductions from livestock farms to reduce the adverse impacts of
greenhouse gas (GHG) emissions related to global warming and
climate change.  The GHG emission reductions are pooled and sold
to industrial emitters, governments, funds and energy traders.


C.L.E.A.R. PLC: S&P Lowers and Withdraws Ratings on Notes
---------------------------------------------------------
Standard & Poor's Ratings Services has taken credit rating
actions on the limited-recourse secured credit-linked variable-
rate notes series 31, 33, and 39 (Aramis) issued by C.L.E.A.R.
PLC.
  
Specifically:

   -- Lowered to 'D' and withdrawn the ratings on the existing
      notes;

   -- Assigned a 'BBB' rating to the series 31 restructured
      notes;

   -- Assigned a 'BBB-' rating to the series 33 restructured
      notes; and

   -- Assigned a 'BBB+' rating to the series 39 restructured
      notes.
  
Following a recent restructuring of C.L.E.A.R.'s series 31, 33,
and 39, the coupon on the notes will be reduced for some period.
S&P considers this to be a ratings default, since they won't pay
interest in accordance with the terms of the notes, and have
thus lowered to 'D' and withdrawn our ratings on the notes.
  
The new ratings on the restructured notes reflect the updated
terms and conditions of these notes.  Under the restructured
notes the credit enhancement has improved to sufficiently
support the new ratings.
  
These collateral debt obligation transactions reference U.S.
residential mortgage-backed securities as well as U.S. CDOs that
are exposed to U.S. RMBS.  These underlying assets have
experienced negative rating actions.
  
The Aramis portfolio is managed by Deerfield Capital Management
LLC and IXIS Asset Management.
  
                         Ratings List
  
          Class                         Ratings
                             To                   From
  
Rating Lowered And Withdrawn
  
C.L.E.A.R. PLC
EUR45 Million Limited-Recourse Secured Credit-Linked Variable-
Rate Notes Series 31 (Aramis)
                             D                    B+
                             NR                   D
C.L.E.A.R. PLC
EUR20 Million Limited-Recourse Secured Credit-Linked Variable-
Rate Notes Series 33 (Aramis)
                             D                    B-
                             NR                   D
  
C.L.E.A.R. PLC
EUR20 Million Limited-Recourse Secured Credit-Linked Variable-
Rate Notes Series 39 (Aramis)
                             D                    B+
                             NR                   D
  
Ratings Assigned To Restructured Notes
  
C.L.E.A.R. PLC
EUR45 Million Limited-Recourse Secured Credit-Linked Variable-
Rate Notes Series 31 (Aramis)
                       BBB
  
C.L.E.A.R. PLC
EUR20 Million Limited-Recourse Secured Credit-Linked Variable-
Rate Notes Series 33 (Aramis)
                       BBB-
  
C.L.E.A.R. PLC
EUR20 Million Limited-Recourse Secured Credit-Linked Variable-
Rate Notes Series 39 (Aramis)
                       BBB+


EIRLES TWO : Fitch Junks Ratings on Four Notes Series
-----------------------------------------------------
Fitch Ratings has downgraded all classes of Eirles Two Limited
Series floating- and variable-rate notes.

Eirles Two Limited:

   -- US$66.5 million Series 101(XS0195542443): downgraded to
      'CCC' from 'A'; off RWN

   -- US$105 million Series 102 (XS0195543094): downgraded to
      'CC' from 'BB+'; off RWN

   -- US$66.5 million Series 103 (XS0195542526): downgraded to
      'CC' from 'B'; off RWN

   -- US$31.5 million Series 104 (XS0195542872): downgraded to
      'C' from 'CC'; off RWN

Eirles Two Limited is a special purpose vehicle incorporated
under the laws of Ireland. The notes have a scheduled maturity
date of July 1, 2019, and absorb the credit risk of a credit
default swap with Deutsche Bank AG.  The credit default swap
with Deutsche Bank AG relates to a reference portfolio of asset-
backed securities obligations.  These series are backed by
'AAA'-rated collateral securities funded by the net proceeds
from the issue of the notes.  The portfolio is actively managed
by Winchester Capital Principal Finance, a subsidiary of
Deutsche Bank AG.

Fitch's rating action reflects higher loss expectations due to
greater-than-expected collateral deterioration in the portfolio.  
The negative credit migration is primarily attributable to the
rapid credit deterioration in subprime residential mortgage-
backed securities from the 2004, 2005 and 2006 vintages, as well
as considerable exposure to US structured finance CDOs.

The portfolio comprises US subprime RMBS (4.3%), Alternative A
(Alt-A) mortgage loans (14.4%) and US diversified structured
finance CDOs (58.1%).  Subprime RMBS of the pre- 2005, 2005 and
2006 vintages account for approximately 2.5%, 1.0% and 0.8% of
the portfolio, respectively.  As per the latest trustee report
dated April 2008, 4.9% of the portfolio is rated 'CCC+' or below
and 12.7% of the portfolio is rated 'BB+' or below.  This
compares to credit enhancement levels of 7.75% for Class A,
4.75% for Class B, 2.85% for Class C, 1.95% for Class D, 7.75%
for Series 101, 4.75% for Series 102, 2.85% for Series 103 and
1.95% for Series 104.

Currently, 10.7% of the portfolio is on RWN, including 8.4% of
US diversified structured finance CDOs where Fitch expects
significant migration from the current levels.


PALMER SQUARE: Moody's May Further Cut Junk Rating After Review
---------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
downgrade four classes of notes issued by Palmer Square plc.

These rating actions are a response to credit deterioration in
the underlying portfolio.  The underlying assets of this CDO
transaction are predominantly 2004 - 2007 vintage US subprime
RMBS (44.0%) and US ABS CDOs (12.3%).

Moody's announced on Feb. 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage.  Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans."  This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios.  Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS, and will take further actions in respect of all
CDOs placed under review for downgrade once the extent of actual
downgrades to US RMBS vintages becomes known.

These rating actions are:

Palmer Square plc:

   (1) US$45,000,000 Class A2-A Step-Up Floating Rate Notes due
       2045 (currently US$75,000,000 outstanding due to further
       issuance)

    -- Current Rating: Aaa, on review for downgrade
    -- Prior Rating: Aaa

   (2) US$6,750,000 Class B-1 Deferrable Floating Rate Notes due
       2045 (currently US$11,250,000 outstanding due to further
       issuance)

    -- Current Rating: Baa1, on review for downgrade
    -- Prior Rating: Aa2

   (3) US$15,000,000 Class C-1Deferrable Floating Rate Notes due
       2045 (currently US$25,372,610 outstanding due to further  
       issuance and deferred interest)

    -- Current Rating: Ba2, on review for downgrade
    -- Prior Rating: A1

   (4) US$7,500,000 Class D-1 Deferrable Floating Rate Notes due
       2045 (currently US$12,741,600 outstanding due to further
       issuance and deferred interest)

    -- Current Rating: Caa1, on review for downgrade
    -- Prior Rating: Baa1


=========
I T A L Y
=========


SEAT PAGINE: Reports EUR65.3 Million Net Loss for Q1 2008
---------------------------------------------------------
The Seat Pagine Gialle S.p.A.’s Board of Directors, chaired by
Chairman Enrico Giliberti, approved the interim report for the
period ended March 31, 2008, prepared in accordance with Art.
154-ter of Italy’s Consolidated Law on Finance and presented by
Chief Executive Officer Luca Majocchi.

          Consolidated Results at March 31, 2008

Revenue Performance

In the first quarter of 2008, revenues amounted to EUR176.4
million, in line with the previous year.  The German group WLW
(EUR8.6 million in revenues) was included in the consolidation
area.  The positive effect of this inclusion was partially
offset by the depreciation of the pound sterling against the
euro, that caused an 11.3% decrease in revenues of the Thomson
Group compared to first quarter 2007 (-5.4% in pounds sterling).

Gross of the elimination of transactions among business areas,
the breakdown of revenues was:

   * Italian Directories (SEAT PG): revenues amounted to
     EUR110.5 million, down 2.0% compared to the same period of
     the previous year.  This result reflects the performance of
     print products (-1.1%), which was mostly in line with first
     quarter 2007 and a EUR2.8 million decrease in online
     revenues (PAGINEGIALLE.it EUR22.3 million), as well as a
     decrease in advertising sales for the voice channel
     (89.24.24 Pronto PAGINEGIALLE® and 12.40 Pronto
     PAGINEBIANCHE EUR10.1 million).  These results were an
     overall confirmation of the results for first quarter 2007,
     when the above-mentioned products had reported a sharp
     growth (online +22.7% and voice +62.8%) thanks to the sales
     strategies implemented.  During 2008, the management deemed
     it appropriate to change such strategies and to concentrate
     sales activities for solar products in the second half of
     the year, pending the launch of new online offerings.

   * UK Directories (Thomson Directories Group): revenues for
     the first three months of 2008 amounted to EUR16.3 million,
     down 16% compared to the first quarter of 2007, mainly due
     to the depreciation of the pound sterling against the euro.
     In fact, in local currency, revenues were GBP12.3 million
     (GBP13.0 million in first quarter 2007), down 5.4%.  The
     decrease reflects the sales difficulties experienced in the
     customer segment needing national coverage, especially
     financial institutions, which were mostly affected by the
     credit market crisis;

   * Directory Assistance (Telegate group and Prontoseat
     S.r.l.): revenues amounted to EUR42.3 million, down 9.6%
     compared to first quarter 2007.  Revenues of the Telegate
     group, in particular, dropped 9.8% to EUR39.7 million,
     mainly due to business performances in Germany and France.
     Prontoseat Srl revenues remained mostly stable at EUR2.7
     million, sustained by traffic volume generated by the
     89.24.24 Pronto PAGINEGIALLE® and 12.40 Pronto
     PAGINEBIANCHE® services;

   * Other activities (On line Business to Business Directories
     and other activities on the Italian market): revenues
     amounted to EUR20.2 million, a sharp increase compared to
     EUR9.3 million for first quarter 2007, also thanks to the
     inclusion of the German group WLW in the consolidation area
     (EUR8.6 million in revenues).  The group was consolidated
     as of October 2007.

GOP Performance

Gross operating profit was EUR27.4 million for first quarter
2008, up 6.8% compared to the first quarter of 2007 thanks to
the lower costs for raw materials and external services, which
decreased by 3.5%.  This positive effect was only partially
offset by the increase in labor costs by EUR1.9 million, due to
the inclusion of the German group WLW in the consolidation area.

EBITDA Performance

Operating income before amortization, depreciation, non-
recurring and restructuring costs, net (EBITDA) for the first
quarter of 2008 was EUR11.6 million, virtually in line with
first quarter 2007.  The higher provision to the allowance for
doubtful accounts for receivables (which increased by EUR1.5
million compared to first quarter 2007) offset the increase in
gross operating profit.

Performance of Operating Income (EBIT) Operating income (EBIT)
was negative at EUR41.3 million for the first quarter of 2008
(negative at EUR39.7 million for first quarter 2007).  This
performance reflected the EUR1.3 million increase in operating
depreciation and amortization due to significant investments
made over the past few years.

First Quarter Result

Due to the seasonal nature of the business, the result for the
period was a loss of EUR65.3 million, an improvement compared to
the result for first quarter 2007 (a loss of EUR77.2 million).

Operating Cash Flow Performance

Operating free cash flow generated in the first quarter of 2008
was EUR129.1 million (+9.1%), up by EUR10.8 million compared to
the first quarter of 2007.  This result was achieved thanks to
payments received, which allowed the company to contain the
operating working capital, decreasing it by EUR130.8 million in
first quarter 2008 (in first quarter 2007, this item decreased
by EUR116.7 million);

Net Financial Debt

Net financial debt of EUR3,206.1 million at March 31, 2008
(EUR3,274.3 million at Dec. 31, 2007) decreased by EUR68.2
million during the period (EUR62.9 in the first quarter 2007),
thanks to the cash flow generated by operations.

        Main Companies of the Seat Pagine Gialle Group

Seat PG S.p.A.

The Parent Company SEAT Pagine Gialle S.p.A.’s revenues for the
first three months of 2008 amounted to EUR110.5 million, down
2.0% compared to the same period of the previous year. In a
difficult market context, the Company mostly confirmed the
results achieved in Q1 2007, when revenues had grown sharply
(+11.5%) thanks to the strong focus on advertising sales for the
online (+22.7%) and voice (+62.8%) products. The performance
reported for the first three months of 2008 was also affected by
the decision taken to concentrate the sale of online and voice
products in the second half of the year, also pending the launch
of the new online offerings.

In detail:

   * Print: Revenues amounted to EUR50.4 million, compared to
     EUR51.0 million in the first quarter 2007, with a
     substantially stable performance (-1.1%) compared to the
     previous year.  This result was influenced by the positive
     performance of PAGINEBIANCHE®, also thanks to the to the
     print and online bundling offer, which provides the
     customer with increased visibility (PAGINEBIANCHE.it).
     PAGINEGIALLE®’s revenues instead continued to decrease,
     though their trend improved compared to the same period of
     2007.

   * Online: PAGINEGIALLE.it’s revenues amounted to EUR22.3
     million for the first three months of 2008, down 6.1%
     compared to the same period of 2007 for the reasons
     described above.  Online orders booked increased compared
     to the first quarter 2007.

   * Voice: Revenues amounted to EUR10.1 million, down by EUR1.4
     million compared to the first quarter of 2007.  This
     performance resulted from the sales strategies adopted,
     which favored the shifting of sales to the second half of
     the year.

   * Business to Business: Revenues amounted to EUR3.9 million,
     down 4.0% compared to the first quarter of 2007.  This
     result does not yet take into account the revenues
     generated by Annuario SEAT (yearbook) and PAGINEGIALLE
     Professional, whose publication will take place during the
     coming quarters.  These products are already undergoing a
     commercial revision aimed at highlighting the ever-
     increasing importance of the online products.

   * Other products: revenues remained mostly stable at EUR22.5
     million compared to the first quarter 2007 (EUR22.4
     million). Both direct Marketing products and merchandising
     performed well.

Gross operating profit reached EUR24.4 million in the first
quarter of 2008, up 6.7% compared to the first quarter of 2007
(EUR22.8 million), mainly thanks to the containment of the costs
for raw materials and external services, which enabled the
company to offset the decrease in revenues.

EBITDA stood at EUR9.7 million, in line with the previous year
(EUR9.8 million in the first quarter 2007).

Thomson

The group’s revenues for the first three months of 2008 amounted
to EUR16.3 million (GBP12.3 million).  The sharp reduction
compared to Q1 2007 is attributable to the depreciation of the
pound sterling against the euro.  The decrease was much lower
(-5.4%) if the figures are analysed based on the local currency.
The fall in revenues was most significant in the segment of
customers requiring national coverage, particularly financial
institutions, which were most affected by the credit market
crisis.

Gross operating profit of the Thomson group for the first three
months of 2008 decreased by GBP1.1 million, mainly due to the
higher costs borne for advertising activities to support the
online products.

Telegate

Revenues of the Telegate group amounted to EUR39.7 million for
the first quarter of 2008, a 9.8% decrease compared to the first
three months of 2007, mainly attributable to the performance
reported in the German and French markets.

In Germany, revenues for the first quarter of 2008 dropped by
9.1% compared to the first quarter of 2007 due to the decrease
in the number of fixed-line calls.  However, the lower number of
calls to the 11880-branded service was partially offset by the
growth achieved in value-added services and through the multi-
channel strategy implemented by the Company, by which the
products offered are available both on voice and on the
11880.com portal.  The results of the Klicktel portal, which was
acquired in April 2008, have not been included in the
consolidated results yet.

In France, with its 118000 number, Telegate reported decreasing
revenues compared to the first quarter of 2007, as a result of
the choice made to lower advertising expenses.  Despite this
situation, during the first quarter of 2008 gross operating
profit reached a substantial break-even level.

Gross operating profit of the Telegate group amounted to EUR9.6
million, down by EUR1.9 million compared to the same period of
the previous year, mainly due to the slowdown experienced in the
German market.

Europages

In the first quarter of 2008, revenues amounted to EUR2.2
million, up by EUR0.5 million compared to the same period of the
previous year, thanks to the revenue increase achieved in Italy
and France.

The year 2008 will also be the first year influenced by the
completion of the migration process towards an exclusively
online offering and by the use of a proprietary sales network in
France, which is currently made up of 50 salespeople.

GOP decreased slightly compared to the first quarter 2007
(EUR0.2 million), attributable to the increase in costs incurred
to create the new sales networks in France.

Wer Liefert Was? Group

In the first quarter 2008, revenues amounted to EUR8.6 million,
in line with the previous year.

Organisational and sales initiatives have been launched with the
aim of exploiting existing synergies between the German group
and the French subsidiary Europages S.A.  Specifically, a
dedicated network has been set up and trained for the sale of
advertising space on the Europages.com website, in Germany,
whose effects on revenues will start to be felt from the coming
months.

GOP at March 31, 2008 was EUR1.4 million (EUR1.7 million in the
same period of 2007) with a 16.3% margin.  The slight decrease
compared to the first quarter of 2007 was due to the higher
costs associated with the sales of EUROPAGES products through
WLW, in Germany.

Consodata

In the first quarter of 2008, revenues amounted to EUR5.7
million, up 26.7% compared to 2007, thanks to the growth
reported in both sales channels (SMEs and large advertisers).
Specifically, large advertisers welcomed the Company’s decision
to focus on the sales of higher-margin products (data content
and geomarketing).

The growth in revenues positively influenced gross operating
profit, which increased by EUR0.9 million compared to the first
quarter of 2007 (EUR0.1 million).

                             Outlook

Seat is operating in accordance with the new strategic
guidelines announced last March.

Operations have focused on the print-centred business (print,
voice and online), achieving stable evolution of revenues
despite the economic slowdown which is also affecting small- and
medium-sized enterprises.  The main actions carried out to deal
with the new market, represented by an “internet only” customer
base, are progressing in line with operating plans.

The impact of the economic slowdown has been greater than
expected, particularly in the B2B segment, so that the most
realistic objective will be to maintain revenues stable.

The company aims to preserve EBITDA performance in an
environment of largely stable revenues and during a phase in
which the development of new Internet strategy is not yet
contributing to revenue growth.  An update on the progress of
the new Internet strategy within Italy shall be available during
the second half of the year.

The progress of foreign operations is in line with expectations
and the portfolio of activities will be managed by focussing on
the execution of the individual business plans for the various
subsidiaries.

                    About Seat Pagine Gialle

Headquartered in Turin, Italy, Seat Pagine Gialle S.p.A.
-- http://www.seat.it/-- provides a multimedia platform for
assisting in the development of business contacts between users
and advertisers.  The Pagine Gialle directory is published in
two versions for home and businesses, PagineGialle Casa and
PagineGialle Lavoro.  PagineGialle.it is a search engine
intended for business searches, while 89.24.24 Pronto
PagineGialle is a personalized telephone assistance, which
provides users with information regarding train and flight
schedules, traffic, weather, public utilities, entertainment and
events, cinema, museum and pharmacies.  Giallo Dat@ offers
services for direct marketing.

The company operates abroad through Telegate A.G., a telephone
queries and assistance service, providing information on
directories in Germany and worldwide, as well as personalized
information, such as reservation and online purchasing services,
and Thomson Directories Ltd, a local directory publisher in the
United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on April 10,
2008, Fitch Ratings affirmed the company’s Long-term Issuer
Default rating at 'BB-' (BB minus).  The Outlook has been
revised to Negative from Stable.


TISCALI SPA: Receives Bids from Seven Firms; Drops Carphone
-----------------------------------------------------------
Eight interested parties have submitted non-binding offers to
acquire the entire operations of Tiscali S.p.A., and its units
in Italy and the U.K., various reports say.

According to Corriere della Sera, bidders for Tiscali include:

    * Vodafone Group Plc,
    * FastWeb S.p.A.,
    * British Sky Broadcasting Group Plc,
    * Carphone Warehouse Group Plc,
    * BT Group Plc,
    * Virgin Media Inc.,
    * Wind Telecomunicazioni S.p.A., and
    * Telecom Italia S.p.A.

Tiscali's board of directors however dropped Carphone from the
short list of bidders, The Financial Times reports.  Carphone
presented a GBP550 million non-binding offer.

"We have not considered those who did not realise the industrial
value of the group," Mario Rosso, Tiscali's chief executive,
explained.

Telecom Italia CEO Franco Bernabe, however, told Bloomberg News
that that his firm did not submit an offer for Tiscali.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.  It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.

                         *     *     *

As reported in the TCR-Europe on Feb. 12, 2008, Standard &
Poor's Ratings Services has raised its long-term corporate
credit rating to 'B+' from 'B' on Tiscali S.p.A.

The one-notch upgrade also applies to S&P's long-term debt
ratings on the EUR50 million senior secured term loan and
EUR50 million senior secured revolving credit facility taken on
by financing vehicle Tiscali U.K. Holdings Ltd.  These debt
obligations' recovery ratings of respectively '3' (meaningful
{50%-70%} recovery in the event of a payment default, given the
presence of the EUR400 million bridge facility) and '2'
(substantial {70%-90%} recovery in the event of a payment
default) remain unchanged and are meaningfully influenced by the
impact of the Italian insolvency regime on lenders' recovery
prospects.

At the same time, S&P removed all of the credit ratings from
CreditWatch, where they had been placed with positive
implications on Jan. 10, 2008, when they first assigned ratings
to Tiscali.  The outlook is stable.


TISCALI SPA: Reports EUR37.5 Net Loss in 1st Quarter of 2008
------------------------------------------------------------
Tiscali S.p.A. disclosed on May 12, 2008, results for the first
quarter ending March 31, 2008.

Net loss for the quarter was EUR37.5 million, compared to
EUR42.5 million in the same period of 2007.  Consolidated
revenue rose to EUR 276.4 million or an increase of 43% compared
to EUR193.2 million in 2007

EBITDA was reported at EUR48.3 million, up by 92% against
EUR25.2 in 2007.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.  It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.

                         *     *     *

As reported in the TCR-Europe on Feb. 12, 2008, Standard &
Poor's Ratings Services has raised its long-term corporate
credit rating to 'B+' from 'B' on Tiscali S.p.A.

The one-notch upgrade also applies to S&P's long-term debt
ratings on the EUR50 million senior secured term loan and
EUR50 million senior secured revolving credit facility taken on
by financing vehicle Tiscali U.K. Holdings Ltd.  These debt
obligations' recovery ratings of respectively '3' (meaningful
{50%-70%} recovery in the event of a payment default, given the
presence of the EUR400 million bridge facility) and '2'
(substantial {70%-90%} recovery in the event of a payment
default) remain unchanged and are meaningfully influenced by the
impact of the Italian insolvency regime on lenders' recovery
prospects.

At the same time, S&P removed all of the credit ratings from
CreditWatch, where they had been placed with positive
implications on Jan. 10, 2008, when they first assigned ratings
to Tiscali.  The outlook is stable.


TISCALI SPA: Shareholders Appoint New Board of Directors
--------------------------------------------------------
The Ordinary Shareholders’ Meeting of Tiscali S.p.A. has
appointed the new Board of Directors.

The new Board is composed of five members:

    * Mario Rosso (Chairman and Managing Director),
    * Massimo Cristofori,
    * Francesco Bizzarri,
    * Arnaldo Borghesi (reappointed) and
    * Umberto De Julio (independent).

The shareholders have also mandated Ernst & Young S.p.A. to
audit the company's results for financial years 2008-2016.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.  It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.

                         *     *     *

As reported in the TCR-Europe on Feb. 12, 2008, Standard &
Poor's Ratings Services has raised its long-term corporate
credit rating to 'B+' from 'B' on Tiscali S.p.A.

The one-notch upgrade also applies to S&P's long-term debt
ratings on the EUR50 million senior secured term loan and
EUR50 million senior secured revolving credit facility taken on
by financing vehicle Tiscali U.K. Holdings Ltd.  These debt
obligations' recovery ratings of respectively '3' (meaningful
{50%-70%} recovery in the event of a payment default, given the
presence of the EUR400 million bridge facility) and '2'
(substantial {70%-90%} recovery in the event of a payment
default) remain unchanged and are meaningfully influenced by the
impact of the Italian insolvency regime on lenders' recovery
prospects.

At the same time, S&P removed all of the credit ratings from
CreditWatch, where they had been placed with positive
implications on Jan. 10, 2008, when they first assigned ratings
to Tiscali.  The outlook is stable.


===================
K A Z A K H S T A N
===================


AES CORP: Kazakhstan Units Get Default Waiver Through June 30
-------------------------------------------------------------
AES Corp. disclosed in a filing with the U.S. Securities and
Exchange Commission that Ekibastuz and Maikuben, its Kazakhstan
businesses, obtained a debt waiver through June 30, 2008, on a
default resulting from failure to meet filing requirement
covenants.

Total debt under default waived for Ekibastuz was US$1.2 million
as of March 31, 2008.  For Maikuben it was US$17 million as of
March 31, 2008.

The company related that it will likely cured the debt covenant
default prior to the expiration of the waiver.

                       About AES Corp.

AES Corp. (NYSE:AES) -- http://www.aes.com/-- is a global power  
company, with 2007 revenues of US$13.6 billion.  The company has
operations in 29 countries on five continents and has a
workforce of 28,000 people.  The company's 13 regulated
utilities amass annual sales of over 78,000 GWh and its 123
generation facilities have the capacity to generate more than
43,000 megawatts.  

In Europe, the company has operations in Ukraine, Ireland,
Spain, Kazakhstan and Bulgaria, among others.  The company also
has subsidiaries in Europe that includes the Netherlands and
United Kingdom.  Aside from China, AES also has operations in
India and the Philippines.  Latin America operations include
Brazil, Argentina and Chile.

                        *     *     *

AES carries Moody's B1 Corporate Family Rating.


ALEM INFO: Creditors Must File Claims by June 17
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Alem Info Service insolvent.

Creditors have until June 17, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


ATBASY LLP: Claims Deadline Slated for June 13
----------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Atbasy insolvent on March 5, 2008.

Creditors have until June 13, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


EVRAZYISKIYE NOVYE: Claims Filing Period Ends June 13
-----------------------------------------------------  
Branch of LLP Corporation Evrazyiskiye Novye Stroitelnye
Technologii has declared insolvency.  Creditors have until
June 13, 2008, to submit written proofs of claims to:

         LLP Corporation Evrazyiskiye Novye
         Stroitelnye Technologii
         Uchastok 548
         kvartal 221
         120008, Kyzylorda
         Kazakhstan


FARVATER OJSC: Creditors' Claims Due on June 18
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared OJSC Farvater insolvent.

Creditors have until June 18, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Kairbekov Str. 324-3
         Kostanai
         Kazakhstan


MAKSAN TRANS: Claims Registration Ends June 13
----------------------------------------------  
LLP Maksan Trans Cargo has declared insolvency.  Creditors have
until June 13, 2008, to submit written proofs of claims to:

         LLP Maksan Trans Cargo
         Jeltoksan ave. 50-45
         Almaty
         Kazakhstan
         Tel: 8 (7272) 33-55-85
              8 (7272) 33-56-16
              8 (7272) 33-56-29


MALAZGIRT LLP: Creditors Must File Claims by June 17
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Malazgirt insolvent.  

Creditors have until June 17, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


SHYGYS-MUNAI LLP: Claims Deadline Slated for June 18
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Shygys-Munai insolvent.

Creditors have until June 18, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


STELLA & E: Claims Filing Period Ends June 13
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Stella & E insolvent on March 5, 2008.

Creditors have until June 13, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


STROY EXPRESS-2030: Creditors' Claims Due on June 18
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Karaganda Stroy Express-2030 insolvent.

Creditors have until June 18, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


===================
K Y R G Y Z S T A N
===================


ASIA STROY: Creditors Must File Claims by June 13
-------------------------------------------------
LLC Construction Company Asia Stroy has declared insolvency.  
Creditors have until June 13, 2008 to submit written proofs of
claim.

Inquiries can be addressed to (0-555) 74-33-67.


DASTAN SECURITIES: Claims Filing Period Ends June 13
----------------------------------------------------
LLC Investment Company Dastan Securities has declared
insolvency.  Creditors have until June 13, 2008 to submit
written proofs of claim.

Inquiries can be addressed to (0-555) 75-59-54.


===================
L U X E M B O U R G
===================


ELECTRONIC DATA: Sells Assets to HP for US$13.9 Billion
-------------------------------------------------------
Hewlett-Packard Co. and Electronic Data Systems Corp. yesterday
a definitive agreement under which HP will purchase EDS at a
price of US$25.00 per share, or an enterprise value of
approximately US$13.9 billion.  The terms of the transaction
have been unanimously approved by the HP and EDS boards of
directors.

EDS said Monday that in response to market rumors, it confirmed
that it was in advanced discussions regarding a possible
business combination transaction with HP.

The transaction is expected to close in the second half of
calendar year 2008 and to more than double HP's services
revenue, which amounted to US$16.6 billion in fiscal 2007.  The
companies' collective services businesses, as of the end of each
company's 2007 fiscal year, had annual revenues of more than
US$38 billion and 210,000 employees, doing business in more than
80 countries.

HP intends to establish a new business group, to be branded EDS
– an HP company, which will be headquartered at EDS's existing
executive offices in Plano, Texas.  HP plans that EDS will
continue to be led after the deal closes by EDS Chairman,
President and Chief Executive Officer Ronald A. Rittenmeyer, who
will join HP's executive council and report to Mark Hurd, HP's
chairman and chief executive officer.  HP anticipates that the
transaction will be accretive to fiscal 2009 non-GAAP earnings
and accretive to 2010 GAAP earnings.  Significant synergies are
expected as a result of the combination.

“The combination of HP and EDS will create a leading force in
global IT services,” said Mr. Hurd.  “Together, we will be a
stronger business partner, delivering customers the broadest,
most competitive portfolio of products and services in the
industry. This reinforces our commitment to help customers
manage and transform their technology to achieve better
results.”

Mr. Rittenmeyer said, “First and foremost, this is a great
transaction for our stockholders, providing tremendous value in
the form of a significant premium to our stock price.  It's also
beneficial to our customers, as the combination of our two
global companies and the collective skills of our employees will
drive innovation and enhance value for them in a wide range of
industries.  In addition, our Agility Alliance will be
significantly strengthened.”

Acquiring EDS advances HP's stated objective of strengthening
its services business.  The specific service offerings delivered
by the combined companies are: IT outsourcing, including data
center services, workplace services, networking services and
managed security; business process outsourcing, including health
claims, financial processing, CRM and HR outsourcing;
applications, including development, modernization and
management; consulting and integration; and technology services.
The combination will provide extensive experience in offering
solutions to customers in the areas of government, healthcare,
manufacturing, financial services, energy, transportation,
communications, and consumer industries and retail.

Under the terms of the merger agreement, EDS stockholders will
receive US$25.00 for each share of EDS common stock that they
hold at the closing of the merger.  The acquisition is subject
to customary closing conditions, including the receipt of
domestic and foreign regulatory approvals and the approval of
EDS's stockholders.

                    About Hewlett-Packard

Hewlett-Packard Co. -- http://www.hp.com/-- (NYSE:HPQ) focuses  
on simplifying technology experiences for all of its customers –
from individual consumers to the largest businesses.  With a
portfolio that spans printing, personal computing, software,
services and IT infrastructure, HP is among the world's largest
technology companies, with revenue totaling US$107.7 billion for
the four fiscal quarters ended Jan. 31, 2008.

                     About Electronic Data

Electronic Data Systems Corp. -- http://www.eds.com/--  
(NYSE:EDS) is a technology services company delivering business
solutions to its clients.  EDS founded the information
technology outsourcing industry 45 years ago.  Today, EDS
delivers a broad portfolio of information technology and
business process outsourcing services to clients in the
manufacturing, financial services, healthcare, communications,
energy, transportation, and consumer and retail industries and
to governments around the world.

Aside from the NYSE, the company’s is also listed in the London
and Luxembourg exchange.  The company’s non-U.S. subsidiaries
are located in China, Australia, India, Venezuela and Peru,
among others.

                          *     *     *

In March 2008, Moody's Investors Service raised the senior
unsecured rating of Electronic Data Systems to Baa3 from Ba1.
Concurrent with this action, Moody's is withdrawing the
Corporate Family Rating of Ba1.  The outlook is stable.  Moody’s
also confirmed its (P) Ba2 rating on the company’s Preferred
shelf registration while it raised the rating on the
Subordinated shelf registration to (P) Ba1 from (P) Ba2


HANESBRANDS INC: Earns US$36 Million in Quarter Ended March 29
--------------------------------------------------------------
Hanesbrands Inc. reported that for the quarterly period ended
March 29, 2008, net income was US$36 million on net sales of
US$987 million.  This compares to net income of US$12 million on
net sales of US$1.03 billion for the quarter ended March 31,
2007.

The net sales decline was broad based affecting most product
categories and most customers.  The overall lower net sales were
primarily due to a decline in sales volume across most product
categories in our key brands Hanes, Champion, Bali, Just My Size
and barely there.  Playtex brand net sales were flat compared to
last year.  Net sales in the Hosiery segment were lower
primarily due to lower sales of the Hanes brand to national
chains and department stores and the L’eggs brand to mass
retailers and food and drug stores.  The company expects the
trend of declining hosiery sales to continue consistent with the
overall decline in the industry and with shifts in consumer
preferences.

The lower net sales were partially offset by higher net sales in
the International segment that were driven by a favorable impact
of US$11 million related to foreign currency exchange rates.  
The favorable impact was primarily due to the strengthening of
the Canadian dollar, Euro, Japanese yen and Brazilian real and
by the growth in the European casualwear business.

As a percent of net sales, the company’s gross profit percentage
was 34.9% in the first quarter of 2008 compared to 32.7% in
2007.  The higher gross profit percentage was primarily due to:

      -- a US$11 million of savings from cost reduction
         initiatives and prior restructuring actions,

      -- a US$11 million of lower production costs,

      -- a $US5 million favorable impact related to foreign
         currency exchange rates, and

      -- lower accelerated depreciation of US$3 million.

The favorable foreign currency exchange rate impact in the
company’s International segment was primarily due to the
strengthening of the Canadian dollar, Euro, Japanese yen and
Brazilian real.

These lower costs were partially offset by $19 million of lower
sales volume, higher freight costs of US$5 million primarily due
to a greater use of air freight and higher sales incentives of
US$2 million.

                          Closures

During the first quarter of 2008, the company approved actions
to close two manufacturing facilities and eliminate
approximately 1,100 employees in Heredia, Costa Rica and
Aguascalientes, Mexico during the next twelve months.  This
production capacity will be relocated to lower cost locations in
Asia and Central America.

As a result, the company recorded a charge of US$3 million
primarily attributable to employee termination and other
benefits recognized in accordance with benefit plans previously
communicated to the affected employee group.

In connection with the company’s consolidation and globalization
strategy, in the first quarters of 2008 and 2007 we recognized
non-cash charges of US$3 million and US$5 million, respectively,
in the “Cost of sales” line and a non-cash charge of US$1
million in the “Selling, general and administrative expenses”
line in the first quarter of 2008 related to accelerated
depreciation of buildings and equipment for facilities that have
been closed or will be closed.

The change in restructuring expense in 2008 compared to 2007 is
attributable to US$16 million in restructuring charges we
incurred during the first quarter of 2007 which primarily
related to a US$10 million charge for lease termination costs
and US$6 million in charges for employee termination and other
benefits associated with previously approved actions for plant
closures.

These actions, which are a continuation of our consolidation and
globalization strategy, are expected to result in benefits of
moving production to lower-cost manufacturing facilities,
leveraging our large scale in high-volume products and
consolidating production capacity.

                  Cash and Cash Equivalents

As of March 29, 2008 and December 29, 2007, cash and cash
equivalents were US$121 million and US$174 million,
respectively.  The lower cash and cash equivalents as of March
29, 2008 was primarily the result of net capital expenditures of
US$21 million, US$8 million of stock repurchases, US$6 million
of net repayments on notes payable and US$18 million related to
other uses of working capital.

                        About Hanesbrands

Hanesbrands Inc. (NYSE:HBI) -– http://www.hanesbrands.com/--  
markets innerwear, outerwear and hosiery apparel under strong
consumer brands, including Hanes, Champion, Playtex, Bali, Just
My Size, barely there and Wonderbra.  The company designs,
manufactures, sources and sells T-shirts, bras, panties, men’s
underwear, children’s underwear, socks, hosiery, casualwear and
activewear.  Hanesbrands has approximately 50,000 employees in
more than 25 countries.

During the third quarter of 2007, the company acquired the
1,300-employee textile manufacturing operations in San Juan
Opico, El Salvador of Industrias Duraflex, S.A. de C.V., at
which textiles are knit, dyed, finished and cut.  This
acquisition provides a textile base in Central America from
which to expand and leverage the company’s large scale as well
as supply our sewing network throughout Central America.  In
December 2007, we acquired the 900-employee sheer hosiery
facility in Las Lourdes, El Salvador of Inversiones Bonaventure,
S.A. de C.V.

In October 2007, the company disclosed plans to build a textile
production plant in Nanjing, China, which will be the first
company-owned textile production facility in Asia.  The Nanjing
textile facility will enable the company to expand and leverage
our production scale in Asia as we balance our supply chain
across hemispheres.

HbI International Holdings S.a r.l. and CASA International, LLC
Holdings S.C.S. are two of the company’s subsidiaries that are
located in Luxembourg.  Hanesbrands Europe GmbH, another
European subsidiary, is domiciled in Germany.


HANESBRANDS INC: S&P Lifts Corporate Credit Rating to BB-
---------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Winston-Salem, North Carolina-based intimate apparel
and activewear maker Hanesbrands Inc. to 'BB-' from 'B+'.  At
the same time, S&P raised the bank loan and unsecured debt
ratings, while leaving the existing recovery ratings on the
company unchanged.

Total debt outstanding at March 29, 2008, was US$2.3 billion.
   
The rating upgrade reflects the company's positive operating
momentum as a stand-alone entity since its spin-off from Sara
Lee Corp. in September 2006, and its modestly improving credit
protection measures.  "Management is on track in executing the
company's strategies, is focusing on investing in key brands,"
said Standard & Poor's credit analyst Susan H. Ding, "and has
benefited from its cost-saving initiatives."  As a result,
credit protection measures and operating results have improved
and are in line with S&P's expectations.


HANESBRANDS INC: Avis Budget CEO Elected to Board of Directors
--------------------------------------------------------------
Hanesbrands Inc. said that Ronald L. Nelson, chairman and chief
executive officer of Avis Budget Group, Inc., has been elected
to the company’s board of directors, effective July 21, 2008.

Nelson, 55, will serve for a term scheduled to end at the 2009
annual meeting of stockholders and will serve on the board’s
audit committee.  With Nelson’s election, the Hanesbrands board
will have 10 members.

Since 2006, Nelson has led Avis Budget Group, Inc., one of the
world’s largest general-use car rental companies and operator of
the Avis and Budget brands in North America, Latin America, the
Caribbean, Australia and New Zealand.  Prior to his current
position, he held leadership roles with Avis Budget’s
predecessor, Cendant Corporation, including president, chief
financial officer and director with responsibility for strategic
and financial planning, treasury, financial reporting and
accounting, and other functions.

“We look forward to Ron, with his wealth of experience, joining
the Hanesbrands board,” said Hanesbrands Chairman Lee A. Chaden.
“Ron’s leadership of a global company with large consumer brands
and his strategic planning, finance and merger and acquisition
experience will be great assets to our company.”

In addition to Avis Budget and Cendant, Nelson has held senior
management positions with DreamWorks SKG and Paramount
Communications, Inc.  He previously served as a director of
Charter Communications, Inc., Paramount Communications, and
Advanced Tissue Sciences, Inc.  He earned his MBA at the
University of California at Los Angeles and earned his
bachelor’s degree at the University of California at Berkeley.

                        About Hanesbrands

Hanesbrands Inc. (NYSE:HBI) -– http://www.hanesbrands.com/--  
markets innerwear, outerwear and hosiery apparel under strong
consumer brands, including Hanes, Champion, Playtex, Bali, Just
My Size, barely there and Wonderbra.  The company designs,
manufactures, sources and sells T-shirts, bras, panties, men’s
underwear, children’s underwear, socks, hosiery, casualwear and
activewear.  Hanesbrands has approximately 50,000 employees in
more than 25 countries.

During the third quarter of 2007, the company acquired the
1,300-employee textile manufacturing operations in San Juan
Opico, El Salvador of Industrias Duraflex, S.A. de C.V., at
which textiles are knit, dyed, finished and cut.  This
acquisition provides a textile base in Central America from
which to expand and leverage the company’s large scale as well
as supply our sewing network throughout Central America.  In
December 2007, we acquired the 900-employee sheer hosiery
facility in Las Lourdes, El Salvador of Inversiones Bonaventure,
S.A. de C.V.

In October 2007, the company disclosed plans to build a textile
production plant in Nanjing, China, which will be the first
company-owned textile production facility in Asia.  The Nanjing
textile facility will enable the company to expand and leverage
our production scale in Asia as we balance our supply chain
across hemispheres.

HbI International Holdings S.a r.l. and CASA International, LLC
Holdings S.C.S. are two of the company’s subsidiaries that are
located in Luxembourg.  Hanesbrands Europe GmbH, another
European subsidiary, is domiciled in Germany.


=====================
N E T H E R L A N D S
=====================


AES CORPORATION: Earns US$233 Million in Quarter Ended March 31
---------------------------------------------------------------
AES Corporation reported results for the first quarter ended
March 31, 2008.

“We had a good start to 2008, demonstrating the strength of our
portfolio and the benefits we derive from our global footprint,”
said Paul Hanrahan, AES President and Chief Executive Officer.  
“We continued to focus on executing our global pipeline of core,
wind, solar and climate solution projects, including the
acquisition of Masinloc in the Philippines, the start of
construction of our first three Greenfield hydro projects in
Turkey and our expansion into solar energy.  We are well-
positioned for continued growth going forward.”

Revenue

During the quarter, revenues increased by US$1.0 billion, or
33%, to US$4.1 billion.  The increase in revenues reflects
higher prices and volumes of approximately US$701 million across
all regions, as well as favorable foreign currency translation
of approximately US$264 million.  It also reflects an increase
of approximately US$26 million from TEG and TEP, two plants the
Company acquired in northern Mexico in February 2007.

Gross Margin

Gross margin increased by US$197 million, or 23%, to US$1.0
billion.  Gross margin benefited from a combination of higher
prices and volumes at the company’s Latin American and European
generation businesses of approximately US$190 million, favorable
foreign currency translation of approximately US$74 million and
contributions from new businesses.  These gains were offset in
part by a one-time charge of US$30 million related to the
establishment of a regulatory reserve for a proposed credit to
customers at its Indianapolis Power and Light (IPL) subsidiary.

Income from Continuing Operations & Net Income

First quarter income from continuing operations was US$234
million, or US$0.34 per diluted share, versus US$113 million, or
US$0.17 per diluted share in first quarter 2007.  The 2007
results included a charge of US$35 million or US$0.05 per
diluted share related to the impairment of the company’s
investment in AgCert, a UK company which produces Certified
Emission Reduction credits, which is now being consolidated into
earnings.


First quarter net income was US$233 million, or US$0.34 per
diluted share, as compared to a loss of US$461 million or
(US$0.68) per diluted share reported for the first quarter 2007.  
The 2007 loss was primarily driven by the sale of EDC, which
resulted in a non-cash, after-tax charge of US$638 million or
US$0.94 per diluted share.

Adjusted earnings per share was US$0.39 in first quarter 2008
versus US$0.24 in first quarter 2007. Both first quarter 2008
and first quarter 2007 adjusted earnings per share exclude asset
impairment charges of US$0.04 and US$0.05, respectively.

The main driver of the year-over-year improvement in income from
continuing operations, net income and adjusted earnings per
share (a non-GAAP financial measure) was improved operating
performance at the Company’s generation businesses in the
Southern Cone region of Latin America (US$0.10) and its
generation businesses in Europe (US$0.04) combined with
favorable foreign currency impacts (US$0.04), offset in part by
a one-time charge associated with a proposed credit to customers
at its IPL subsidiary (US$0.03) and higher G&A spending
(US$0.02).  The increase in G&A spending is due primarily to an
increase in business development activity and higher corporate
overhead costs related to the strengthening of its financial
reporting processes, including the implementation of SAP
worldwide.

Cash Flow

First quarter 2008 net cash from operating activities was US$471
million as compared to US$600 million in first quarter 2007.  
Excluding US$132 million contribution from EDC, a business sold
in May 2007 but which is included in the consolidated statement
of cash flows for first quarter 2007, net cash from operating
activities would have increased by approximately US$3 million.

First quarter 2008 free cash flow (a non-GAAP financial measure)
was US$292 million as compared to US$396 million in first
quarter 2007.  Excluding any contribution from EDC, free cash
flow (a non-GAAP financial measure) would have decreased by
approximately US$3 million.

Both current year operating cash flow and free cash flow reflect
the impact of higher receivables due to increased sales revenue
in first quarter 2008.

First Quarter 2008 Segment Highlights



Latin America generation revenue increased by US$468 million to
US$1.2 billion, primarily due to higher volume, contract and
spot prices at Gener in Chile and Alicura in Argentina of
approximately US$345 million, higher spot prices and volume at
its Dominican Republic and Panama businesses of approximately
US$36 million, higher volume at Tiete in Brazil of approximately
US$13 million and favorable foreign currency translation of
approximately US$54 million.  Gross margin increased by US$150
million to US$399 million, primarily due to higher contract and
spot prices at Gener of approximately US$116 million, higher
spot prices and volume at Alicura of approximately US$34
million, higher spot prices at its Dominican Republic businesses
of approximately US$18 million and higher volume of
approximately US$13 million at Tiete in Brazil, partially offset
by higher purchased electricity costs at Uruguaiana in Brazil
and Itabo in the Dominican Republic of approximately US$38
million.

Latin America utilities revenue increased by US$292 million to
US$1.5 billion, primarily due to approximately US$232 million in
favorable foreign currency translation, increased volume sales
of US$91 million and other tariff related costs that were passed
through to the customer of approximately US$46 million at
Eletropaulo in Brazil, offset in part by decreased rates of
approximately US$84 million at Eletropaulo due to the July 2007
tariff reset.  Gross margin increased by US$12 million to US$225
million, primarily due to higher sales volume of approximately
US$91 million at Eletropaulo combined with favorable foreign
currency translation of approximately US$38 million, offset in
part by the impact of the Eletropaulo tariff reset in July 2007
of approximately US$84 million, an increase in costs of
approximately US$24 million in Brazil and a decrease in rates of
US$9 million at its businesses in El Salvador.

North America generation revenue increased by US$53 million to
US$551 million, primarily due to approximately US$26 million in
incremental contributions from the TEG and TEP businesses in
Mexico acquired in February 2007, approximately US$12 million
from mark-to-market derivative adjustments as a result of a
smaller loss recorded in 2008 as compared to 2007, approximately
US$9 million from higher volume, availability and the impact of
a revenue adjustment at Thames in Connecticut, emission credit
sales of approximately US$8 million offset in part by a net
decrease of US$6 million due to a revenue adjustment and higher
natural gas prices at Merida in Mexico.  Gross margin increased
by US$19 million to US$160 million, primarily due to the
derivative adjustments of approximately US$12 million and higher
volume, availability and the impact of a revenue adjustment at
Thames of approximately US$7 million, offset in part by a net
impact of US$5 million as a result of a revenue adjustment,
increased energy prices and lower fixed costs at Merida.


North America utilities revenue decreased by US$14 million to
US$249 million, due primarily to a regulatory reserve adjustment
of US$30 million at IPL related to a proposed one-time credit to
customers, offset in part by an increase in rate adjustments of
approximately US$11 million related to recoverable fuel costs
and environmental investments.  Gross margin decreased by US$29
million to US$52 million, due primarily to the establishment of
a US$30 million regulatory reserve at IPL.

Europe & Africa generation revenue increased by US$68 million to
US$320 million, primarily due to an increase in capacity income
and energy payments of approximately US$32 million related to
Kilroot in Northern Ireland, an increase in price and volume of
approximately US$17 million and US$7 million, respectively, at
its businesses in Kazakhstan, an increase in capacity payments
and higher steam prices of approximately US$17 million at Borsod
and Tisza in Hungary and favorable foreign currency translation
of approximately US$14 million, offset in part by lower sales
volume of approximately US$12 million at Tisza and US$11 million
at Kilroot.  Gross margin increased by US$33 million to US$122
million, primarily due to an increase in electricity tariffs and
higher sales of approximately US$18 million at its businesses in
Kazakhstan, an increase in capacity income and energy payments
at Kilroot in Northern Ireland of approximately US$14 million
and an increase in capacity payments and steam prices of
approximately US$12 million in Hungary, offset in part by an
increase in fixed and environmental costs totaling approximately
US$9 million at its businesses in Kazakhstan.

Europe & Africa utilities revenue increased by US$37 million to
US$203 million, primarily due to increased tariff rates of
approximately US$18 million at its businesses in the Ukraine
combined with approximately US$13 million in favorable foreign
currency translation at Sonel in Cameroon.  Gross margin
increased by US$3 million to US$24 millon, primarily due to
increased volume and reduced fuel consumption in Cameroon of
approximately US$7 million and the impact of increased tariff
rates in Ukraine of approximately US$4 million, offset in part
by an increase in fixed costs in Cameroon.

Asia generation revenue increased by US$135 million to US$335
million, primarily due to higher volume as a result of increased
dispatch at both the Lal Pir and Pak Gen facilities in Pakistan
of US$52 million and US$42 million, respectively, as well as an
increase in prices and volume at Kelanitissa in Sri Lanka of
approximately US$34 million.  Gross margin increased by US$5
million to US$52 million primarily due to increased availability
at Barka in Oman and Kelanitissa of approximately US$7 million
and an increase in volume at Ras Laffan in Qatar of
approximately US$3 million, offset in part by lower rates of
US$5 million at Chigen in China.

                       About AES Corp.

AES Corp. (NYSE:AES) -- http://www.aes.com/-- is a global power  
company, with 2007 revenues of US$13.6 billion.  The company has
operations in 29 countries on five continents and has a
workforce of 28,000 people.  The company's 13 regulated
utilities amass annual sales of over 78,000 GWh and its 123
generation facilities have the capacity to generate more than
43,000 megawatts.  

In Europe, the company has operations in Ukraine, Ireland,
Spain, Kazakhstan and Bulgaria, among others.  The company also
has subsidiaries in Europe that includes the Netherlands and
United Kingdom.  Aside from China, AES also has operations in
India and the Philippines.  Latin America operations include
Brazil, Argentina and Chile.

                        *     *     *

AES carries Moody's B1 Corporate Family Rating.


AES CORPORATION: To Write Off AgCert’s EUR20 Million Debt
---------------------------------------------------------
A rescue package has been drawn up for AgCert International plc
under which US-based AES Corp. will take full control of the
company, Ian Kehoe writes for the Sunday Business Post.  AgCert,
whose debts soared to EUR90 million, entered into examinership
in February 2008.

AES, the Sunday Business Post relates, has agreed to write off
about EUR20 million of AgCert's debt under the proposed rescue
package.  AES also set aside a further EUR7 million to pay off
the company's other creditors, who are expected to recover 10%
of their claims through a series of payments if the proposed
"compromise scheme of arrangement" is approved.

Creditors are set to vote on the rescue deal this week, the Post
discloses.

                           About AgCert

Headquartered in Dublin, Ireland AgCert International plc --
http://www.agcert.com/-- was founded to generate emission  
reductions from livestock farms to reduce the adverse impacts of
greenhouse gas (GHG) emissions related to global warming and
climate change.  The GHG emission reductions are pooled and sold
to industrial emitters, governments, funds and energy traders.

                          About AES Corp.

AES Corp. (NYSE:AES) -- http://www.aes.com/-- is a global power  
company, with 2007 revenues of US$13.6 billion.  The company has
operations in 29 countries on five continents and has a
workforce of 28,000 people.  The company's 13 regulated
utilities amass annual sales of over 78,000 GWh and its 123
generation facilities have the capacity to generate more than
43,000 megawatts.  

In Europe, the company has operations in Ukraine, Ireland,
Spain, Kazakhstan and Bulgaria, among others.  The company also
has subsidiaries in Europe that includes the Netherlands and
United Kingdom.  Aside from China, AES also has operations in
India and the Philippines.  Latin America operations include
Brazil, Argentina and Chile.

                        *     *     *

AES carries Moody's B1 Corporate Family Rating.


CLASSIC I (NETHERLANDS): Moody's Junks Rating on Class A2 Notes
---------------------------------------------------------------
Moody's Investors Service downgraded two class of notes issued
by Classic I (Netherland) B.V., a Dutch special purpose company.

These rating actions are a response to the credit deterioration
in the underlying portfolio.  The transaction is a static cash
CDO of ABS, containing roughly 36.26% ABS CDOs. Some of the
assets in the portfolio have been downgraded, placed on review
for downgrade, or both since October 2007.

Moody's announced on Feb. 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage.  Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans."  This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios.  Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.

These rating actions are:

   (1) US$443,529,000 Class A1 Secured Notes due October 2053,
       Series 2006-1 A1

    -- Current Rating: Aa1, on review for downgrade
    -- Prior Rating: Aaa, on review for downgrade

   (2) US$49,281,000 Class A2 Secured Notes due October 2053,
       Series 2006-1 A2

    -- Current Rating: Ca
    -- Prior Rating: B3, on review for downgrade


IMAX CORPORATION: March 31 Balance Sheet Upside-Down by US$95MM
--------------------------------------------------------------
IMAX Corporation reported that it recorded a net loss per
diluted share of US$0.25 for the first quarter of fiscal 2008,
compared to a net loss per diluted share of US$0.12 for the
first quarter of fiscal 2007.

At the same time, the company said that its pending digital
roll-out was on schedule and that it had added DreamWorks
Animation’s Magadascar 2 to the 2008 film slate.

IMAX Co-Chief Executive Officers Richard L. Gelfond and Bradley
J. Wechsler stated, “As anticipated, our first quarter results
reflect the transitional nature of 2008 from a financial
perspective as we continue implementing our key joint venture
revenue sharing and digital initiatives.  From a strategic
standpoint, however, we are very encouraged by our
accomplishments to date and believe that the Company is well
positioned to benefit both financially and operationally from
the steps we are taking.  We continue to expect improved results
in the fourth quarter of 2008 and profitability in 2009.”

The company signed agreements for 66 IMAXO theatre systems in
the first quarter of fiscal 2008, compared to 13 in the first
quarter of 2007.  To date, IMAX has signed joint revenue sharing
agreements with prominent exhibitors for 146 theatres.  To
assist in funding its digital joint venture roll-out, the
company entered into two significant financing transactions last
week, one with Wachovia Capital Finance Corporation to increase
future availability and modify other terms under the Company’s
existing credit facility, and one with the Douglas family,
IMAX’s largest shareholder, for the sale of 2,726,447 million
common shares in a private placement at market prices, for an
aggregate purchase price of US$18.0 million.

Our transition from a film to a digital platform is on track,
and we are fast approaching the launch of our highly anticipated
digital product.  Importantly, we believe we are well positioned
to fund our digital and joint venture roll-outs thanks to our
two recently-announced financing agreements, which we expect
will ultimately leave us with approximately US$55-60 million in
funding.  The implementation of our joint venture agreements
should significantly transform IMAX, and we are pleased to have
the resources to roll out the company’s 100-theatre JV deal with
AMC Entertainment, Inc., our 31-system JV deal with Regal
Cinemas, Inc., and to pursue other joint venture revenue sharing
opportunities in the future.  We are encouraged by the level of
interest we continue to see in IMAX, and believe this will
ultimately translate into strong network growth and recurring
revenues,” said Messrs. Gelfond and Wechsler.

                            Films

On the film side, on May 9 the Company released Warner Bros.’
Speed Racer: The IMAX Experience.  This family adventure from
The Wachowski Brothers, the creators of ‘The Matrix’ trilogy, is
based on the hit animated series created by Tatsuo Yoshida and
grossed US$1.9 million on 84 screens over its opening weekend.

Regarding film performance in the first quarter of fiscal 2008,
the company noted that the seasonally weak quarter faced an
especially difficult year-over-year comparison given the strong
IMAX DMR(R) release of 300: The IMAX Experience in the first
quarter of last year.  The Spiderwick Chronicles: The IMAX
Experience opened on February 15 and grossed US$6.8 million in
IMAX theatres.  Shine A Light, the Rolling Stones concert film
directed by Academy Award(R)-winning filmmaker Martin Scorsese,
opened April 4 and the IMAX release has grossed approximately
US$3.9 million to date.

“While we were disappointed that Spiderwick and Shine a Light
did not perform as well as we had hoped, we remain very
optimistic about the films on our slate for the balance of the
year and beyond,” stated Messrs. Gelfond and Wechsler.  “We have
already announced three films for 2009 and 2010 as part of our
deal with DreamWorks Animation, and have several great prospects
to fill out future film slates.”

Speed Racer will be followed on June 8 by the release of the
DreamWorks Animation film Kung Fu Panda: The IMAX Experience.
The next installment in the Batman series, The Dark Knight: An
IMAX Experience, will follow in July.  The company will again
partner with DreamWorks Animation to release Madagascar 2: The
IMAX Experience for a two-week run beginning November 7.

Finally, Harry Potter and the Half Blood Prince: An IMAX 3D
Experience is scheduled for November.

November’s two-week Madagascar 2 run is a further endorsement of
the company’s pending transition to digital technology.
Digital’s virtual elimination of film prints, allowing studios
to recoup a higher return on their pictures over shorter periods
of time, was a significant factor in the deal with DreamWorks.
The company expects 35 digital theatres to be up and running in
time to exhibit this film.

                           Financials

For the three months ended March 31, 2008, the Company’s total
revenues were US$23.5 million, as compared to US$26.8 million
reported for the prior year period.  Systems revenue was US$12.5
million versus US$13.1 million in the prior year period.  The
Company recognized revenue on four theatre systems which
qualified as either sales or sales-type leases in the first
quarter of 2008, as compared to five in 2007.

For the first quarter of 2008, film revenues were US$7.4
million, as compared to US$9.1 million in the first quarter of
2007.  This included Production and IMAX DMR revenues of US$2.9
million compared to US$4.6 million a year ago. Film distribution
revenue was US$2.8 million for the quarter, as compared to
US$3.4 million in the first quarter of 2007.  Post production
revenue was US$1.7 million for the quarter, as compared to
US$1.1 million in the first quarter of 2007.  Theatre operations
revenue was US$2.8 million in the first quarter of 2008, as
compared to US$4.1 million in the first quarter of 2007.

Selling, general and administrative expenses were US$12.4
million in the first quarter, up from US$10.3 million a year
ago.  Research and development costs increased to US$2.5 million
in the first quarter of 2008 as compared to US$1.5 million in
the first quarter of 2007, largely related to investments in
digital technology.  Legal and professional fees (included in
selling, general and administrative expenses) increased to
US$3.1 million compared to US$2.4 million in the first quarter
of the prior year.

At the end of the first quarter, the Company’s cash position was
US$18.1 million, which represents an increase from the cash
position at the end of the fourth quarter of fiscal 2007.

IMAX Corporation's balance sheet at March 31, 2008, showed total
assets of US$203.7 million and total liabilities of US$298.9
million, resulting in a total shareholders' deficit of US$95.2
million.

IMAX recorded a net loss of US$10.2 million compared to a net
loss of US$4.7 million for the same period in the previous year.

                     About IMAX Corporation

Headquartered in Ontario, Canada, IMAX Corporation (Nasdaq:
IMAX)(TSX: IMX) -- http://www.imax.com/-- is a digital
entertainment and technology company.  As of Dec. 31, 2007,
there were 299 IMAX theatres operating in 39 countries.  The
company's groundbreaking IMAX DMR digital remastering technology
allows it to digitally transform virtually any conventional
motion picture into the unparalleled image and sound quality.
The company has a subsidiary in Netherlands, IMAX (Netherlands)
B.V., and also in Japan, IMAX Japan Inc.


IMAX CORP: Inks Fifth Amendment to Wachovia Capital Loan Pact
-------------------------------------------------------------
IMAX Corporation revealed in a filing with the U.S. Securities
and Exchange Commission that on May 5, it entered into a fifth
amendment to its loan agreement dated Feb. 6, 2004, as amended,
with Wachovia Capital Finance Corporation (Canada).

The amendment:

     (i) extends the term of the Loan Agreement to Oct. 31,
         2010,

    (ii) reduces the minimum Cash and Excess Availability (as
         defined in the Loan Agreement) required to be
         maintained from US$15 million to US$7.5 million,

   (iii) removes the requirement to maintain a minimum EBITDA,
         provided that the company complies with the Cash and
         Excess Availability covenant, and

    (iv) expands the definition of Eligible Contracts in Backlog
         to include contracts with entities formed under certain
         joint venture arrangements.

                     About IMAX Corporation

Headquartered in Ontario, Canada, IMAX Corporation (Nasdaq:
IMAX)(TSX: IMX) -- http://www.imax.com/-- is a digital
entertainment and technology company.  As of Dec. 31, 2007,
there were 299 IMAX theatres operating in 39 countries.  The
company's groundbreaking IMAX DMR digital remastering technology
allows it to digitally transform virtually any conventional
motion picture into the unparalleled image and sound quality.
The company has a subsidiary in Netherlands, IMAX (Netherlands)
B.V., and also in Japan, IMAX Japan Inc.


IMAX CORPORATION: Closes Private Placement Deal with Douglas
------------------------------------------------------------
IMAX Corporation revealed in a filing with the U.S. Securities
and Exchange Commission that on May 5, 2008, it entered into a
Securities Purchase Agreement with K&M Douglas Trust, Douglas
Family Trust, James Douglas and Jean Douglas Irrevocable
Descendants’ Trust, and James E. Douglas III.

Under the agreement, the company agreed to sell and the Douglas
Group agreed to purchase 2,726,447 shares of the common stock,
no par value, of the company for aggregate consideration of
US$18 million or approximately $6.60 per share, the equivalent
of the average closing of the company’s common share price over
the most recent five trading days.

The private placement closed on May 8, 2008.

The Douglas Group, which will own 19.9% of the outstanding
Common Shares post-transaction, agreed to a five-year standstill
with the Company whereby it will refrain from certain
activities, including:

      (i) increasing its percentage ownership in the company,

     (ii) seeking to influence the management of the company or
          soliciting proxies,

    (iii) entering into fundamental or change-of-control
          transactions with respect to the company and

     (iv) selling or transferring any Common Shares to a person
          or group that would own 5% or more of the Common
          Shares following such sale or transfer.

The company has agreed to file a registration statement
registering the resale of the Shares by December 1, 2008, to use
commercially reasonable efforts to cause the registration
statement to become effective within 90 days after filing and to
maintain the effectiveness of the registration statement,
subject to permitted suspensions, until the Douglas Group has
sold, or may sell without restriction, the Shares.

                     About IMAX Corporation

Headquartered in Ontario, Canada, IMAX Corporation (Nasdaq:
IMAX)(TSX: IMX) -- http://www.imax.com/-- is a digital
entertainment and technology company.  As of Dec. 31, 2007,
there were 299 IMAX theatres operating in 39 countries.  The
company's groundbreaking IMAX DMR digital remastering technology
allows it to digitally transform virtually any conventional
motion picture into the unparalleled image and sound quality.
The company has a subsidiary in Netherlands, IMAX (Netherlands)
B.V., and also in Japan, IMAX Japan Inc.


===========
R U S S I A
===========


ALESKEEVSKAYA OJSC: Creditors Must File Claims by June 26
---------------------------------------------------------
Creditors of OJSC Poultry Farm Aleskeevskaya have until June 26,
2008, to submit proofs of claim to:

         G. Shirkin
         Insolvency Manager
         Office 317
         Serafimovicha Str. 58
         344002 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-193/08-S1-30.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Poultry Farm Aleskeevskaya
         Druzhby Str. 63
         Starorotovka
         Matveevo-Kurganskiy
         Rostov
         Russia


ALTTRAK-SCIENTIFIC–TECHNICAL: Claims Filing Period Ends May 26
--------------------------------------------------------------
Creditors of CJSC Alttrak-Scientific–Technical Centre have until
May 26, 2008, to submit proofs of claim to:

         E. Gorskikh
         Temporary Insolvency Manager
         Post User Box 3505
         656049 Barnaul
         Russia
         Tel: (3852) 380104

The Arbitration Court of Altay will convene at 11:00 a.m. on
July 9, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A03-685/08-B.

The Debtor can be reached at:

         CJSC Alttrak-Scientific–Technical Centre
         Traktoranaya Str. 17
         Rubtsovsk
         Altay
         Russia


KUBAN LLC: Creditors Must File Claims by May 26
-----------------------------------------------
Creditors of LLC Kuban have until May 26, 2008, to submit proofs
of claim to:

         K. Serikov
         Temporary Insolvency Manager
         Post User Box 6480
         350911 Krasnodar
         Russia

The Arbitration Court of Krasnodar will convene at 12:40 p.m. on
July 7, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A-32-24915/
2007-60/570B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Kuban
         Kamyshevatskaya St.
         Krasnodar
         Russia


MARSHALL HOLDINGS: Madsen Expresses Going Concern Doubt
-------------------------------------------------------
Madsen & Associates CPA's, Inc., raised substantial doubt on the
ability of Marshall Holdings International, Inc., formerly
Gateway Distributors, Ltd., to continue as a going concern after
the firm audited the company's financial statements for the year
ended Dec. 31, 2007.  The auditor pointed to the company's need
of additional working capital for its planned activity and to
service its debt.

Management reported that as of Sept.18, 2006, the company
finalized negotiations, initiated in 2003, with the Internal
Revenue Service to settle past taxes due.  An agreement was
reached that the compromise previously submitted to the IRS was
withdrawn on July 24, 2006.  The offer deposit of $250,000 was
to be credited as the initial installment payment.  A second
installment payment of $75,000 was to be paid within 90 days of
the agreement acceptance date, Sept. 18, 2006.  Payments of
$50,000 per month will begin in the fourth month after the
acceptance date and will continue each month until the liability
is paid in full, about 10 months.  The payments were due by the
20th day of the month.  The company has been unable to perform
and make the payments as a result of operating cash deficiency
and therefore the company has accrued a liability for the above
in the amounts of $575,231 and $587,336 for the years ended
Dec. 31, 2007, and 2006 respectively.  The company is currently
in renegotiations with the IRS to establish a payment plan that
they can maintain.

The company posted a net loss of $3,573,971 on total sales of
$5,204,952 for the year ended Dec. 31, 2007, as compared with a
net loss of $3,735,237 on total sales of $3,757,181 in the prior
year.

At Dec. 31, 2007, the company's balance sheet showed $11,886,816
in total assets and $13,804,052 in total liabilities, resulting
in $1,917,236 stockholders' deficit.  

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with $5,139,307 in total current
assets available to pay $12,110,144 in total current
liabilities.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2b28

                      About Marshall Holdings

Headquartered in Las Vegas, Nevada, Marshall Holdings
International Inc. fka Gateway Distributors Ltd. (OTC BB:
MHII.OB) -- http://www.mhii.net/-- distributes vitamins,  
nutritional supplements, whole health foods and skin care
products mainly in the United States of America and Canada, with
some sales in Russia and Indonesia.


MEAT-PACKING PLANT: Asset Sale Slated for May 29
------------------------------------------------
The insolvency manager and bidding organizer for CJSC Meat-
Packing Plant, will open a public auction for the company's  
properties at 2:00 p.m. on May 29, 2008.

The company has set a RUR8,188,964 starting price for the assets
on auction.

Interested participants have to deposit an amount equivalent to
5% of the starting price.

Bidding document must be submitted to:

         The insolvency manager and bidding organizer
         Room 17
         Lenina Pr. 72
         400005 Volgograd
         Tel: (8442) 23-82-30
         Russia


MEDIA-GRAD LLC: Creditors Must File Claims by May 26
----------------------------------------------------
Creditors of LLC Media-Grad (TIN 7713592761) have until May 26,
2008, to submit proofs of claim to:

         V. Mayorov
         Temporary Insolvency Manager
         Post User Box 3
         109341 Moscow
         Russia

The Arbitration Court of Moscow will convene on Sept. 16, 2008,
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A40-8551/08-74-20B.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         LLC Media-Grad
         Timiryazevskaya Str. 28
         Moscow
         Russia


NAZAROVSKIY WOOD-PROM-KHOZ: Creditors Must File Claims by May 26
----------------------------------------------------------------
Creditors of LLC Nazarovskiy Wood-Prom-Khoz have until May 26,
2008, to submit proofs of claim to:

         E. Kazyurin
         Temporary Insolvency Manager
         Post User Box 12305
         660041 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk will convene at 9:00 a.m.
on Aug. 5, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A33-3007/2008.

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Nazarovskiy Wood-Prom-Khoz
         Office 310
         Building 1
         Televizionnaya Str. 1
         660041 Krasnoyarsk
         Russia


NOVOLIPETSK STEEL: Earns RUR7.4 Billion for First Quarter 2008
--------------------------------------------------------------
OJSC Novolipetsk Steel released its Russian Accounting Standards
financial results for the first three months of 2008.

Novolipetsk Steel posted a 22.3% year-on-year decrease in net
profit to RUR7.4 billion for the first quarter 2008.

The company also posted 5.7% year-on-year increase in net
revenues to RUR38.6 billion for the same period.

NLMK attributed the decline in net profit to lower export sales
revenue, noting that the delivery setup was changed to increase
control over the quality and period of delivery of its products
to its foreign customers.

The company said the change in delivery setup enlarged the gap  
between the date of product sale and the date of sales revenue
recognition in its accounts by around two weeks.

                        About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark and Japan.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                         *     *    *

As of April 7, 2008, Novolipetsk Steel OJSC carries Ba1
Corporate Family and Probability-of-Default ratings from Moody's
Investors Service, which said the Outlook is stable.

NLMK carries BB+ Issuer Credit rating from Standard &
Poor's Ratings Services with a Stable Outlook.

The company also carries BB+ Long-term Issuer Default,
B and Short-term Issuer Default ratings from Fitch Ratings,
which said the Outlook is Stable.


PROMSVYAZBANK: Positive Developments Cue Moody's to Lift Ratings
----------------------------------------------------------------
Moody's Investors Service upgraded the bank financial strength
rating of Promsvyazbank to D from D-.  Promsvyazbank's long-term
global local and foreign currency deposit ratings were upgraded
to Ba2 from Ba3, whilst short-term ratings were affirmed at Not
Prime.  The bank's foreign currency senior unsecured debt rating
was upgraded to Ba2 from Ba3, while its foreign currency
subordinated debt rating was upgraded to Ba3 from B1.

"The upgrade of Promsvyazbank's BFSR and deposit ratings
reflects Moody's recognition of the positive developments by the
bank over the last several years, including:

   (i) the growth of Promsvyazbank's corporate banking franchise
       and market shares;

  (ii) the bank's significant geographic expansion outside of
       Moscow, with almost half of all business volume now
       attributable to the regional clientele;

(iii) continued diversification of the bank's earning streams;

  (iv) gradually increasing share of more granular and stable
       retail and SME business; and

  (v) ongoing enhancement of Promsvyazbank's corporate
      governance and risk management practices and procedures,"
      says Olga Ulyanova, Moody's lead analyst for
      Promsvyazbank.

According to Moody's, Promsvyazbank's ratings are underpinned by
the bank's historically robust financial fundamentals and its
good liquidity management.  The ratings also factor in
Promsvyazbank's adequate asset quality to date and its proven
ability to support its business growth by maintaining the
necessary capitalisation levels, through both internal capital
generation and the raising of new capital.

Moody's notes that factors constraining Promsvyazbank's BFSR and
deposit ratings include the still significant single-name
concentration of the bank's loan book and the ongoing
predominance of corporate banking in the bank's business,
although the contribution of retail and SME is gradually
increasing.  Moody's also highlights the challenges faced by
Promsvyazbank over withstanding the intensifying competition
from key players on both corporate and retail markets.

Promsvyazbank's deposit ratings of Ba2/Not Prime do not
incorporate any element of systemic support given the bank's
relatively low social importance in the context of the overall
Russian economy.  Furthermore, the deposit ratings do not factor
in any support from the bank's shareholders. Although the
possibility of such support in case of need cannot be ruled out,
the timeliness and scope of such support are uncertain.

These ratings of Promsvyazbank were upgraded:

   -- Bank Financial Strength Rating -- to D (stable outlook)
      from D- (positive outlook)

   -- Long-term global local and foreign currency deposit
      ratings -- to Ba2 (stable outlook) from Ba3 (positive
      outlook)

   -- Long-term foreign currency debt rating of US$200 million
      Loan Participation Notes issued by Promsvyaz Finance PLC
      (Ireland) in October 2005 maturing in October 2010 -- to
      Ba2 (stable outlook) from Ba3 (positive outlook)

   -- Long-term foreign currency debt rating of US$200 million
      subordinated Loan Participation Notes issued by PSB
      Finance S.A. (Luxembourg) in August 2006 and October 2006
      maturing in May 2012 -- to Ba3 (stable outlook) from B1
      (positive outlook)

   -- Long-term foreign currency debt rating of US$225 million
      Loan Participation Notes issued by PSB Finance S.A.
      (Luxembourg) in October 2006 and March 2007 maturing in
      October 2011 -- to Ba2 (stable outlook) from Ba3 (positive
      outlook)

   -- Long-term foreign currency debt rating of US$100 million
      subordinated Loan Participation Notes issued by PSB
      Finance S.A. (Luxembourg) in January 2008 maturing in
      January 2018 -- to Ba3 (stable outlook) from B1 (positive
      outlook)

These ratings of Promsvyazbank were affirmed:

   -- Short-term global local and foreign currency deposit
      ratings of Not Prime.

Promsvyazbank is headquartered in Moscow, Russia. At the end of
2007, the bank reported total consolidated assets of US$11.9
billion (2006: US$6.9 billion) and total shareholders' equity of
USD1.1 billion (2006: US$0.7 billion), with net IFRS income for
2007 of US$151 million (2006: US$99 million).  As of year-end
2007, Promsvyazbank's distribution network was represented by 43
branches, 207 sub-branches and 5 representative offices in most
large Russian cities.  The bank has a branch in Cyprus and
representative offices in China, India, Ukraine and Kyrgyzstan.


SIBIRTELECOM OAO: Sees Sales Tripled by 2012 on Internet Biz
------------------------------------------------------------
OAO Sibirtelecom expects to triple its revenues by 2012 from
fast-growing Internet services, Lyubov Pronina writes for
Bloomberg News, citing Chief Executive Officer Alexander Isayev.

According to Mr. Isayev, Bloomberg News reports, Sibirtelecom
plans to benefit from the fast growth in the Internet sector,
noting that the broadband market is growing 30% a year in
Siberia and will reach RUR23 billion in 2012.

The chief executive told Bloomberg News, that expanded services
-- which includes broadband and Internet Protocol television --
would account for 29% of sales in 2012, up from 9% in 2007.

Mr. Isayev noted to Bloomberg that Sibirtelecom posted a 61%
increase in sales for its Internet services in 2007, which is
more than four times the growth rate for traditional phone
services.

Mr. Isayev said expansion in Internet services may increase the
company's market value from the current US$1 billion to at least
US$3.5 billion in 2012.

"Getting a grip on the market that grows faster than anything
else is a priority," Mr. Isayev was quoted by Bloomberg News as
saying.

                       About Sibirtelecom

Headquartered in Novosibirsk, Russia, OAO Sibirtelecom --
http://www.sibirtelecom.ru/-- provides both traditional  
telephone services and a wide range of new telecom services such
as Internet access services, and new billing systems.   
Intelligent networks, and e-commerce systems are currently under
development.

                        *     *     *

As reported in TCR-Europe on Feb. 20, 2008, Fitch Ratings has
affirmed OAO Sibirtelecom's Long-term Issuer Default Rating at
'B+' with Stable Outlook and Short-term IDR at 'B'.


SISTEMA-HALS OJSC: Liquidity Concerns Cue Fitch's Neg. Outlook
--------------------------------------------------------------
Fitch Ratings has changed Russian property developer OJSC
Sistema-Hals' Outlooks to Negative from Stable.  The ratings are
affirmed at Long-term Issuer Default 'B+', Short-term IDR 'B'
and National Long-term 'A-(rus)'.  This action reflects Fitch's
heightened concerns over SH's liquidity position, which has
worsened in recent months and is now significantly weaker than
previously expected by Fitch.

As of April 2008 SH's liquidity score (measured as cash and
cash-like reserves plus undrawn committed credit facilities plus
forecast free cash flow/short-term debt service plus committed
investments) was 0.3x, compared to an expected 1.1x.  A score
below 1x represents a significant liquidity risk as it implies
that a company's internal sources of liquidity are insufficient
to meet its short-term commitments.  The discrepancy between
SH's actual and forecast liquidity position reflects a new
contingency relating to SH's Siemens Tower project and a lower-
than-expected level of cash-on-balance sheet (only US$68 million
as of April 18, 2008, significantly below projection) due to
project acquisitions in late-2007.  SH's cash was not
subsequently restored to expected levels during first quarter of
2008, which is significant as it is SH's main source of back-up
liquidity.

While Fitch is confident that SH's immediate debt maturities
will be met, the Negative Outlook reflects broader concerns
about SH's liquidity policy.  Specifically, SH's low level of
back-up liquidity makes it overly reliant on either regular bank
refinancing or operational cash flows to meet its future short-
term maturities.  SH's cash flow profile is not yet strong nor
stable given the project-focused nature of its operations (thus
creating lumpy cash receipts) and its high capex levels (thus
creating negative free cash flow), and therefore relying heavily
on operational cash flow to repay short-term debt is risky.  

While the Moscow real estate market is currently experiencing
strong growth, it, like any real estate market, has the
potential to suffer unforeseen negative shocks, which, in turn,
could disrupt cash flows and reduce banks' willingness to lend.
As such, Fitch believes it is imperative that real estate
developers such as SH retain a good level of back-up liquidity
at all times.

Fitch's concerns regarding SH's weakened liquidity position are
partially - but not completely - mitigated by the company's
linkage with its 71% shareholder, Sistema Joint Stock Financial
Corp ('BB-'/Stable).  In Fitch's view, there is some limited
linkage between SH and Sistema which, in turn, implies that
Sistema may be willing to support SH in times of need.  

Sistema has reiterated to Fitch that should SH be unsuccessful
in refinancing its short-term maturities on its own, it is
willing to support SH by helping with bank negotiations and/or
providing bridge financing.  This is, however, not a legally
binding commitment. Furthermore, the likelihood of Sistema
offering financial support to SH is reduced by the lack of legal
guarantees and limited cross-default provisions between SH's and
Sistema's debt and by SH's currently limited importance to
Sistema in terms of profit contribution and operational
synergies.  Thus, in line with Fitch's Parent and Subsidiary
Rating Linkage methodology (June 2007), the agency continues to
rate SH on a stand-alone basis, albeit with a small uplift
awarded to SH's stand-alone rating to reflect its limited
linkage with Sistema.  Importantly, this means the Negative
Outlook on SH's ratings reflects the deterioration in its stand-
alone liquidity position, with only limited benefit given to
possible financial support from Sistema.

SH has expressed to Fitch an intention to tighten its liquidity
policy, including increasing the amount of cash-on- balance
sheet and ensuring its liquidity score remains above 1x in the
future.  Fitch looks favorably upon these plans, although they
have yet to be formalized and implemented.  Until they are, the
risk will remain on the downside, therefore justifying a
Negative Outlook on the ratings.  A rating downgrade would
likely occur if SH is unsuccessful in implementing a new
liquidity policy over the next three-to-12 months while,
conversely, the Outlook would return to Stable if a new
liquidity policy is successfully implemented over the same time-
frame.

On April 28, 2008, SH announced significant cost-overruns on a
fixed-price contract to develop an office tower in Moscow for
Siemens AG ('A+'/Stable).  SH is trying to re-negotiate the
contract price to pass some of these increased costs onto
Siemens and/or the subcontractor.  However, if these
negotiations prove unsuccessful, either Siemens or SH could
cancel the contract, which would force SH to return all advanced
payments received to date back to Siemens at short-notice (and
possibly other compensation thereafter). In Fitch's view, this
effectively represents a new contingent liability.  Given SH's
relatively low back-up liquidity, SH may have difficulty in
financing such a cash-call at short-notice.

Fitch acknowledges that termination remains only a possibility
rather than a probability as it is likely to be in both Siemens'
and SH's interests to successfully renegotiate the contract.  
However, the situation could further impair SH's liquidity
position; thus for the Outlook to return to Stable, Fitch will
also consider whether sufficient back-up liquidity exists to
cover this contingency.


SITRONICS JSC: Maxim Zhukov Named Acting Chief Financial Officer
----------------------------------------------------------------
JSC Sitronics announced on May 12, 2008, that Mr. Maxim Zhukov,
Deputy Chief Financial Officer and Director of the Budgeting
Department at Sitronics, has been appointed as acting Chief
Financial Officer.  A long term successor to Mr. Dmitry Ivanov
will be appointed in due course and a short list of candidates
is currently being considered for the position.

Mr. Ivanov, who has served as Chief Financial Officer, is
leaving the Company to pursue an opportunity in another industry
sector.

Mr. Sergey Aslanian, President and Chief Executive Officer of
Sitronics, commented, "Dmitry has delivered on all the targets
set by the Company and reported on Sitronics' financial results
for the full year 2007.  He now plans to continue his career in
a different industry.  We would like to thank Dmitry for his
contribution to the Company's development and wish him every
success in his future career."

Sitronics announced its new strategy in the first quarter of
2008 and took a number of significant steps towards its further
development, including changes in its business model, the
centralization of the principal management functions and the
optimization of its product portfolio.

Mr. Aslanian, commented, "The new management team has to
implement ambitious tasks, in order to transform Sitronics into
a well-structured company with high levels of internal synergy.  
We have high scientific, technical and production potential.  We
maintain well-established relations with our customers and
partners.  We are well positioned to exploit new opportunities
in the fast-growing Middle Eastern, African, South-East Asian
and Indian markets, as well as in our vertical markets. The new
management team is well-equipped to achieve the goals set by our
shareholders.  Our goals are achievable and we will continually
measure and evaluate our progress. We remain focused on
delivering on our strategy and achieving our strategic targets
in 2008."

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

                          *     *     *

As of Feb. 2, 2008, JSC Sitronics still holds Fitch Ratings'
Long-term Issuer Default Rating of 'B-' with a Stable Outlook.


TOMSK OBLAST: S&P Puts B+ Long-Term Credit Rating
-------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issuer credit rating to the Tomsk Oblast, located in Western
Siberia, in the Russian Federation (foreign currency
BBB+/Positive/A-2; local currency A-/Positive/A-2; Russia
national scale 'ruAAA').  The outlook is stable.  The Russia
national scale rating is 'ruA+'.

"The ratings reflect Tomsk Oblast's exposure to a single
taxpayer, unrated oil company Tomskneft VNK," said Standard &
Poor's credit analyst Boris Kopeykin. "Dependence on federal
government decisions, expenditure pressures, and high debt
service also constrain the rating.

Our expectation of accelerated economic growth in the region and
the oblast's sophisticated management offset these constraints.

Tomskneft provides about 17% of Tomsk's budget revenues. In
addition, there is still the risk that the company will
noticeably cut tax payments due to a change in its region of
registration or for other reasons.

As a result of operating-expenditure pressures, the oblast's
financial performance has somewhat deteriorated, with an
operating balance near zero in 2007, down from 7% in 2006.
Deficits after capital expenditures, however, are likely to
remain within a moderate 7%-9% of budget revenues.

The debt burden is set to remain modest, and we expect direct
debt of less than 30%-35% of operating revenues until 2010.
The oblast's management is advanced by Russian standards.

"We expect Tomskneft to continue being registered in Tomsk
Oblast and to demonstrate higher investments and contributions
to GRP in the medium term, which should result in GRP growth of
more than 3%-4% for Tomsk in 2008-2009," said Mr. Kopeykin.

Nevertheless, should the oblast demonstrate negative operating
balances, or debt service above 20% again in 2008, the ratings
could come under pressure.

Stronger-than-expected financial performance, however, with
close to 10% operating surpluses, and continued improvement in
debt structure could lead to positive rating actions in the
future.


VITYAZ LLC: Creditors Must File Claims by May 26
------------------------------------------------
Creditors of LLC Vityaz have until May 26, 2008, to submit
proofs of claim to:

         A. Yurkshat
         Insolvency Manager
         Room 14-15
         Engelsa Str. 115
         305007 Kursk
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A36-463/2008.

The Court is located at:

         The Arbitration Court of Lipetsk
         Skorokhodova Str. 2
         398019 Lipetsk
         Russia

The Debtor can be reached at:

         LLC Vityaz
         Izlegoshe
         Usmanskiy
         Lipetsk
         Russia


VOLGA-INKOR CJSC: Creditors Must File Claims by May 26
------------------------------------------------------
Creditors of CJSC Volga-Inkor have until May 26, 2008, to submit
proofs of claim to:

         V. Karkhalev
         Temporary Insolvency Manager
         Post User Box 14467
         443008 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A55-2704/08.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         Krasnyj Yar
         Samara
         Russia


=========
S P A I N
=========


SANTANDER FINANCIACION 1: S&P Puts BB Rating on Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its credit ratings on the class D and
E notes issued by Fondo de Titulizacion de Activos Santander
Financiacion 1.  The class A, B, C, and F notes are unaffected
by these CreditWatch placements.

  
The CreditWatch placements follow an initial review of the most
recent transaction information received by Standard & Poor's.
This analysis showed that the likelihood of negative rating
actions has increased for the class D and E notes.  In January
2008, the percentage of delinquent loans in arrears for more
than 90 days increased above the trigger level (2.5%) and this
caused the revolving period to terminate and the transaction to
start amortizing.
  
Since then, delinquencies between 90-180 days and 180+ days have
continued to grow to 1.05% and to 3.77%, respectively, from
0.85% and 2.56% in the previous quarter.  Total delinquencies
more than 90 days in arrears are now at 4.82%, 1.41% higher than
the previous quarter.  It is likely that this rising trend in
180+ day delinquencies will roll through to default.  Therefore,
although actual defaults (12 months in arrears) are only
currently at 0.1%, S&P expects the default level to rise sharply
in the coming months.
  
This delinquency information was input into our cash flow
analysis.  The initial results showed that the class D and E
notes may no longer be able to withstand our 'BBB' and 'BB'
rating stresses.
  
Standard & Poor's will keep in close contact with the originator
to assess the status of the delinquent loans.  This analysis and
our expectation of future defaults will govern whether the
ratings on the class D and E notes placed on CreditWatch
will be lowered.  
  
The notes, issued in 2006, are backed by a portfolio of Spanish
consumer loans originated by Banco Santander S.A. (AA/Stable/A-
1+).
  
                        Ratings List
  
Ratings Placed On CreditWatch Negative

   Fondo de Titulizacion de Activos Santander Financiacion 1
      EUR1,914.3 Million Asset-Backed Floating-Rate Notes  

           Class                    Rating
                       To                         From
  
           D          BBB/Watch Neg               BBB
           E          BB/Watch Neg                BB


SANTANDER FINANCIACION 3: Moody's Junks Rating on EUR22MM Notes
---------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings
to the debt to be issued by Santander Financiacion 3, Fondo de
Titulizacion de Activos:

   -- Aaa to the EUR845 million Series A notes;
   -- Aa2 to the EUR49 million Series B notes;
   -- A2 to the EUR28 million Series C notes;
   -- Baa2 to the EUR36 million Series D notes;
   -- Ba2 to the EUR42 million Series E notes; and
   -- Ca to the EUR22 million Series F notes.

Santander Financiacion 3, FTA is the fourth consumer loan-backed
securitisation transaction carried out by Banco Santander, S.A.
The securitised pool comprises a mixture of auto loans and
consumer loans granted for other purposes (including certain
unusually large consumer loans with amounts of around
EUR1 million).

In Moody's view, the strong features within this deal includes:

   (1) a swap agreement guaranteeing a gross excess spread of
       2.75% and covering the servicing fee in case of servicer
       replacement;

   (2) a 12-month artificial write-off mechanism; and

   (3) good geographical diversification of the pool.

Weaker features include:

   (1) historical information has not been provided in a format
       satisfactory to Moody's;

   (2) the loan purpose is unknown for 64% of the pool;

   (3) the granularity of the pool is lower than for a standard
       consumer portfolio;

   (4) the negative impact of the interest deferral trigger on
       the subordinated series;

   (5) the low seasoning of the pool; and

   (6) 17% of the pool has been originated through brokers.

These increased risks were reflected in the credit enhancement
calculation.

The provisional pool of underlying assets comprised, as of
February 2008, a portfolio of 177,138 loans granted to 173,693
borrowers resident in Spain for the purpose of financing
consumer goods and services.  The loans have been originated
between 1995 and December 2007, with a weighted average
seasoning of 0.7 years and a weighted average remaining life of
4.4 years.  The weighted average interest rate is 7.85%, with
35.4% of the loans linked to floating reference rates.  All of
the loans are personally guaranteed.  Geographically, the pool
is concentrated in the regions of Madrid (20%), Andalusia (19%)
and Catalonia (11%). At closing, there will be no loans more
than 30 days in arrears.

Moody's based the ratings primarily on:

   (i) an evaluation of the underlying portfolio of loans;

  (ii) the strict eligibility criteria with which any receivable
       must comply in order to be included in the securitised
       pool;

(iii) historical performance information from the Spanish
       consumer loan market;

  (iv) the swap agreement;

   (v) the credit enhancement provided through the GIC account,
       the excess spread, the reserve fund and the subordination
       of the notes; and

  (vi) the legal and structural integrity of the transaction.

The ratings address the expected loss posed to investors by the
legal final maturity (Nov. 15, 2038).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par with respect to the Series A, B, C,
D and E notes, and for ultimate payment of interest and
principal at par with respect to the Series F notes, on or
before the final legal maturity date.  Moody's ratings addresses
only the credit risks associated with the transaction. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


=====================
S W I T Z E R L A N D
=====================


BERCHTOLD SYSTEMS: Creditors' Liquidation Claims Due by May 15
--------------------------------------------------------------
Creditors owed money by LLC Berchtold Systems are requested to
submit their proofs of claim by May 15, 2008 to:

          Rolli Treuhand
          Trust Company JSC
          8103 Unterengstringen
          Switzerland

The company is currently undergoing liquidation in Affoltern
a.A.  The decision to place the company in liquidation was
reached at an extraordinary general meeting held on March 1,
2006.


FAGUS JSC: Creditors Must File Proofs of Claims by May 15
---------------------------------------------------------
Creditors owed money by JSC Fagus are requested to submit their
proofs of claim by May 15, 2008 to:

          Meili Hans
          Liquidator
          Parkweg 5
          5702 Niederlenz
          Switzerland

The company is currently undergoing liquidation in Niederlenz.  
The decision to place the company in liquidation was reached at
a general meeting held on Feb. 27, 2007.


INTEROFEN JSC: Proofs of Claim Filing Deadline is May 15
--------------------------------------------------------
Creditors owed money by JSC Interofen are requested to submit
their proofs of claim by May 15, 2008 to:

          Mandataria Treuhand
          Bahnhofstrasse 23
          6301 Zug
          Switzerland

The company is currently undergoing liquidation in Zug.  The
decision to place the company in liquidation was reached at a
general meeting held on March 13, 2008.


MLC MEDICAL: June 17 Deadline Set for Filing Proofs of Claim
------------------------------------------------------------
Creditors owed money by JSC MLC Medical Laboratory Consulting
are requested to submit their proofs of claim by June 17, 2008
to:

          Marlies Zimmermann
          Liquidator
          Gitterlistrasse 8
          4410 Liestal
          Switzerland

The company is currently undergoing liquidation in Liestal.  The
decision to place the company in liquidation was reached at a
general meeting held on Dec. 5, 2006.


REDPOINT SOFTWARE: Zug Court Commences Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Redpoint Software on March 31, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland


REPDI JSC: Creditors Have Until May 15 to File Proofs of Claim
--------------------------------------------------------------
Creditors owed money by JSC Repdi are requested to submit their
proofs of claim by May 15, 2008 to:

          Peter Jorg
          Haldemann + Jorg
          Bahnhofstrasse 15
          3076 Worb
          Switzerland

The company is currently undergoing liquidation in Worb.  The
decision to place the company in liquidation was reached at a
general meeting held on March 11, 2008.


RUTTI + RUTTI: Creditors' Liquidation Claims Due by May 15
----------------------------------------------------------
Creditors owed money by JSC Rutti + Rutti Architekten are
requested to submit their proofs of claim by May 15, 2008 to:

          Rolf Rutti
          Liquidator
          Rainstrasse 48
          8808 Pfaffikon
          Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision to place the company in liquidation was reached at an
extraordinary general meeting held on March 18, 2008.


STENIL JSC: Zug Court Commences Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Stenil on April 1, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland


=============
U K R A I N E
=============


ARMINVEST LLC: Proofs of Claim Deadline Set May 22
--------------------------------------------------
Creditors of LLC Arminvest (code EDRPOU 33885740) have until
May 22, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on April 7, 2008.
The case is docketed as 49/55-b.  

The Debtor can be reached at:

         LLC Arminvest
         I. Lapse Boulevard 13
         03124 Kiev
         Ukraine



D-ZOOM LLC: Proofs of Claim Deadline Set May 23
-----------------------------------------------
Creditors of LLC D-Zoom (code EDRPOU 33495383)LLC D-Zoom (code
EDRPOU 33495383) have until May 23, 2008, to submit proofs of
claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on April 8, 2008.
The case is docketed as 23/87-b.  

The Debtor can be reached at:

         LLC D-Zoom
         Ahmatova Str. 19
         02068 Kiev
         Ukraine


EUROCOM CJSC: Proofs of Claim Deadline Set May 22
-------------------------------------------------
Creditors of CJSC Fund Company Eurocom (code EDRPOU 34479746)
have until May 22, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/301.

The Debtor can be reached at:

         CJSC Fund Company Eurocom
         Dmitrevskaya Str. 71
         Kiev
         Ukraine


GENERAL COMPANY: Creditors Must File Claims by May 21
-----------------------------------------------------
Creditors of LLC General Company (code EDRPOU 32941002) have
until May 21, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy has commenced bankruptcy
supervision procedure on the company.  

The Debtor can be reached at:

         LLC General Company
         Kozatskaya Str. 9
         Cherkassy
         Ukraine


IVANITSA LLC: Proofs of Claim Deadline Set May 23
-------------------------------------------------
Creditors of Ivanitsa LLC (code EDRPOU 30864445) have until
May 23, 2008, to submit proofs of claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent on April 7, 2008.  
The case is docketed as 6/106-06.

The Debtor can be reached at:

         Ivanitsa LLC
         Ivanitsa
         Nedrigaylovsky District
         42120 Sumy
         Ukraine


PHARMACY1 TEKT-PLUS: Proofs of Claim Deadline Set May 22
--------------------------------------------------------
Creditors of LLC Pharmacy1 Tekt-Plus (code EDRPOU 21487851) have
until May 22, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/302.

The Debtor can be reached at:

         LLC Pharmacy1 Tekt-Plus
         Osvita Str. 10
         Kiev
         Ukraine


SMACHNY KRAY: Proofs of Claim Deadline Set May 23
-------------------------------------------------
Creditors of LLC Smachny Kray (code EDRPOU 31604294) have until
May 23, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on April 8, 2008.
The case is docketed as 23/100-b.

The Debtor can be reached at:

         LLC Smachny Kray
         Kerch Str. 7/7
         03151 Kiev
         Ukraine


SPECAGRO-XXI LLC: Proofs of Claim Deadline Set May 22
-----------------------------------------------------
Creditors of LLC Specagro-XXI (code EDRPOU 34693570) have until
May 22, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/323.

The Debtor can be reached at:

         LLC specagro-XXI
         Kikvidze Str. 11
         Kiev
         Ukraine


SVAROG LLC: Proofs of Claim Deadline Set May 23
-----------------------------------------------
Creditors of LLC Firm Svarog (code EDRPOU 16477750) have until
May 23, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on April 8, 2008.
The case is docketed as 23/99-b.

The Debtor can be reached at:

         LLC Firm Svarog
         Avtotransportnaya Str. 4
         Kiev
         Ukraine


VITRO LLC: Proofs of Claim Deadline Set May 22
----------------------------------------------
Creditors of LLC Vitro (code EDRPOU 32514631) have until
May 23, 2008, to submit proofs of claim to:
         
         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company on March 28, 2008, after finding it
insolvent.  The case is docketed as 8/148/B.

The Debtor can be reached at:

         LLC Vitro
         Stasiuk Str. 14a
         58032 Chernovcy
         Ukraine


VOLKOL LLC: Proofs of Claim Deadline Set May 22
-----------------------------------------------
Creditors of LLC Volkol (code EDRPOU 33854178) have until
May 22, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on April 10, 2008 after finding it
insolvent.  The case is docketed as 5/174/08.

The Debtor can be reached at:

         LLC Volkol
         Project Str. 2
         54047 Nikolaev
         Ukraine


===========================
U N I T E D   K I N G D O M
===========================


ABITIBIBOWATER INC: Posts US$248 Million Net Loss in 1Q 2008
------------------------------------------------------------
AbitibiBowater Inc. reported a net loss for the first quarter
2008 of US$248 million, or US$4.32 per diluted share, on sales
of US$1.7 billion.

These results compare with a net loss of US$35 million, or
US$1.19 per diluted share, on sales of US$772 million for the
first quarter of 2007, which consisted of only Bowater
Incorporated results.

The company's 2008 first quarter results reflect the full
quarter results for Abitibi-Consolidated Inc. and Bowater
Incorporated as a combined company following their combination
on Oct. 29, 2007.

First quarter 2008 special items, net of tax, consisted of:

     -- a US$44 million gain relating to foreign currency
        changes,

     -- a US$16 million gain on
        asset sales,

     -- a US$17 million loss related to asset closures and
        severance and

     -- a US$76 million charge related to tax adjustments.

Excluding these special items, the net loss for the quarter
would have been US$215 million, or US$3.74 per diluted share.

"Important progress was achieved during the first full quarter
of AbitibiBowater," stated President and CEO David J. Paterson.  
"We set out with a disciplined approach and a commitment to
deliver sustainable long-term value.  Our EBITDA improvement,
this quarter over the fourth quarter of last year, is an
important step in positioning the company as the industry's
great turnaround story."

During the first quarter, AbitibiBowater successfully completed
a series of financing transactions, totaling US$1.4 billion,
designed to address near-term debt maturities and general
liquidity needs for its Abitibi-Consolidated subsidiary.

                       Coated Papers

Earnings for the coated papers segment for the first quarter
increased US$19 million from the fourth quarter to US$34 million
and EBITDA improved from US$24 million to US$44 million.  The
company's average transaction price for coated papers increased
US$77 per short ton during the quarter, while average operating
costs decreased US$21 per short ton due to less repair spending.  
The company has implemented an April price increase of US$60 per
short ton.

                        Market Pulp

Earnings for the market pulp segment of US$31 million for the
first quarter were flat compared to the fourth quarter of 2007,
while EBITDA improved from US$44 million to US$45 million.  The
average market pulp transaction price for the company increased
US$23 per metric ton.  Average operating costs increased
US$16 per metric ton compared to the fourth quarter, mainly as a
result of higher fiber and energy costs.

                          Newsprint

For the first quarter, the newsprint segment had a loss of US$69
million, compared to a loss of US$79 million for the fourth
quarter, while EBITDA improved from a negative US$11 million to
a positive US$14 million.  The company's average transaction
price increased US$26 per metric ton.  Average operating costs
increased US$7 per metric ton, compared to the fourth quarter.  
The company has implemented the previously announced US$20 per
metric ton per month price increases for newsprint for the first
five months of this year and anticipates implementing the June
US$20 per metric ton price increase.

                      Specialty Papers

The specialty papers segment had a loss of US$39 million,
compared to a loss of US$46 million for the fourth quarter and
EBITDA improved from US$8 million to US$30 million.  The
company's average transaction price increased US$22 per short
ton during the quarter, while average operating costs decreased
US$4 per short ton.  The company is implementing announced April
price increases, averaging US$50 to US$60 per ton, for most
grades of uncoated mechanical papers.

                        Wood Products

For the first quarter, the wood products segment had a loss of
US$35 million, compared to a loss of US$59 million for the
fourth quarter and EBITDA improved from a loss of US$50 million
to a loss of US$24 million.  The average transaction price for
the company decreased US$5 per thousand board feet, while
average operating costs decreased US$57 per thousand board feet
compared to the fourth quarter due primarily to the idling of
higher cost facilities.

                       Strategic Review

In November 2007, AbitibiBowater announced the results of a
Phase 1 comprehensive strategic review, which resulted in the
removal of approximately 1 million metric tons of unprofitable
newsprint and commercial printing paper capacity and 500 million
board feet of wood products from the marketplace.

The Phase 1 announcement also:

      -- increased the company's annual synergy target to
         US$375 million from the US$250 million target announced
         at the time of the company's merger;

      -- identified US$500 million in asset sales through the
         sale of the Snowflake (Arizona) newsprint mill as well
         as non-core assets;

      -- suspended the dividend; and

      -- committed to a further review of all aspects of
         the business in Eastern Canada in light of inherent
         competitive disadvantages.

AbitibiBowater confirmed on May 8, 2008, that the announced
closures were completed early in the first quarter of 2008 and
other commitments are on track to be met or exceeded.

"When the merger closed, we began a strategic review of all
aspects of the new company and committed to take decisive action
to be a stronger, more sustainable organization," said John W.
Weaver, Executive Chairman.  "We are making good progress and
are beginning to benefit from improving business conditions.
AbitibiBowater remains focused on continued cost reductions,
improvement of our manufacturing platform and better positioning
the Company in the global marketplace."

                         Phase 2 Update

Since November, the company has engaged in discussions with
governments, employees, communities and other stakeholders to
reduce operating costs, enhance the viability of several
operations and improve overall competitiveness.  These actions,
in addition to increased market prices for Company products, are
improving financial results.  AbitibiBowater expects improved
quarter-over-quarter profitability based on stronger business
fundamentals, announced price increases, operating efficiencies
and synergies.

Significant progress has been made; however, at this time, no
paper mill closures or idlings are being announced beyond the
continued indefinite idling of the Mackenzie (British Columbia)
and Donnacona (Quebec) paper mills.

Cooperative efforts with stakeholders have enhanced the
competitiveness of various Company facilities such as the
woodland and sawmill operations in the Lac-Saint-Jean (Quebec)
region.  Collaborative outreach will continue in all of Eastern
Canada in light of market conditions as well as high labor,
energy and fiber costs, further exacerbated by the strong
Canadian dollar.

AbitibiBowater will maintain a flexible approach and may take
further restructuring actions, if required.

"We will continue our collaborative approach with various
stakeholders in an effort to find long-term, sustainable
solutions," stated Mr. Paterson.  "We are confident
AbitibiBowater is taking the right steps to manage our business
and set the stage for meaningful improvement in earnings,
efficiencies and overall growth."

Recognizing the challenges facing the North American newsprint
market, AbitibiBowater continues to realize success in
diversifying its sales to international markets, in the more
than 90 countries where its products are already sold.  The
company is committed to expanding sales in growing markets.

To further the expansion of the global sales effort, the company
will work with North American governments and other stakeholders
to ensure needed infrastructure improvements at ports supporting
operations.

The company will raise the bar in continued cost reduction
efforts and look to increase profitability on some of its paper
machine assets by considering the conversion of newsprint
capacity to coated and other value-added papers over the next
several years.  Such conversions would be expected to generate
higher returns.  Management expects to complete the first
stage of this review by the third quarter of 2008 and is
considering the possibility of manufacturing a light-weight
coated product, containing recycled content.  The company is
confident in its ability to successfully convert a newsprint
machine to a high-margin product, based in part on the
Catawba (South Carolina) mill success story.

AbitibiBowater also formally announced two new product
offerings, EcoLaser(TM) and Ecopaque(TM).  These uncoated
freesheet substitutes represent innovative solutions for the
printing industry, providing environmental benefits while also
reducing costs for end-users.  "We will continue to support
growth and diversification of our product mix while positioning
the Company as the wise choice for environmentally sensitive
customers, offering sustainable solutions to them and their
clients," stated Mr. Weaver.

In addition to removing 500 million board feet of lumber
capacity through Phase I actions, the company has further
lowered its high-cost lumber capacity through consolidations,
idlings and various temporary shutdowns at sawmills.
The cumulative effect of these measures has reduced
AbitibiBowater's lumber capacity to nearly 50% of pre-merger
levels, resulting in an avoided cost of US$45 per fbm.

Furthermore, production costs at operating sawmills have been
reduced by 7% in the first quarter of 2008.

The company confirms that it expects to meet the asset sales
target of US$500 million by the end of 2008, having achieved
sales of approximately US$220 million to date.  AbitibiBowater
is targeting an additional US$250 million in asset sales by the
end of 2009.  The company has launched a process for the
sale of its Mokpo, South Korea paper mill, and is moving forward
with additional sales including forest lands, sawmills,
hydroelectric sites and other assets.

In addition, AbitibiBowater reiterates its synergy target of
US$375 million by the end of 2009.  At the end of the first
quarter, the Company had achieved an annual run rate of
approximately US$180 million in captured synergies.

                   About AbitibiBowater

Headquartered in Montreal, Canada, AbitibiBowater Inc.
(NYSE:ABH) -- http://www.abitibibowater.com/-- was formed as a
result of the combination of Abitibi-Consolidated Inc. and
Bowater Incorporated.  Pursuant to the transaction, Abitibi-
Consolidated Inc. and Bowater Incorporated became subsidiaries
of AbitibiBowater.  The company produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products and markets these products to more than 90 countries.

Following the required divestiture agreed to with the U.S.
Department of Justice, AbitibiBowater will own or operate 27
pulp and paper facilities and 35 wood products facilities
located in the United States, Canada, the United Kingdom and
South Korea.  The company also has newsprint sales offices in
Brazil and Singapore.  The company's shares also trade at the
Toronto Stock Exchange under the stock symbol ABH.

                       *     *     *

AbitibiBowater Inc.'s  Corporate credit rating is rated B- by
Standard and Poor's.  


ARGON CAPITAL: Fitch Keeps Neg. Watch on Series 63's  Ratings
-------------------------------------------------------------
Fitch Ratings is maintaining Argon Capital plc's EUR9 million
Series 63 secured synthetic collateralized debt obligation
floating-rate notes, rated 'CC', on Rating Watch Negative,
pending the execution of the issuer's restructuring proposal
that would increase the credit enhancement for the notes.

On completion of the restructuring, Fitch expects to remove the
ratings from RWN.  If the restructuring fails to execute in the
next four-to-six weeks, the Series 63 notes will be downgraded
to 'C' and removed from RWN.

In terms of performance, there has been greater-than-expected
collateral deterioration in the reference portfolio.  The
negative credit migration is primarily attributable to the rapid
credit deterioration in subprime residential mortgage-backed
securities from the 2005 and 2006 vintages as well as exposure
to US structured finance CDOs.

The portfolio comprises U.S. subprime RMBS (24%), Alternative A
mortgage loans (5%), and U.S. diversified structured finance
CDOs (6%).  Subprime RMBS of the 2005 and 2006 vintages account
for approximately 20% and 3% of the portfolio, respectively.

Since Fitch's rating action in November 2007, non-IG assets in
the portfolio have increased to 26% from 5% of the portfolio.  
Of these, assets rated 'CCC+' or below have increased to 15.4%
from 1% of the portfolio.  This compares to credit enhancement
level of 2.5% for the Series 63 notes. Further, eight of the
assets in the 'CCC+' or below bucket (8% of the portfolio) have
been called as credit events, and approximately 8% of the
reference portfolio is currently on RWN.

The Argon Capital Series 63 synthetic CDO references a
substitutable portfolio of asset-backed securities obligations
with a maximum notional amount of EUR1 billion.  At close,
proceeds from the issuance of the notes were used to
collateralize a credit default swap between the issuer and
Merrill Lynch International, the CDS counterparty (guaranteed by
Merrill Lynch & Co., Inc., rated 'A+'/'F1'/Outlook Negative).


ARTISAN GST: Brings In Joint Administrators from Deloitte
---------------------------------------------------------
Richard Michael Hawes and Robin David Allen of Deloitte & Touche
LLP were appointed joint administrators of Artisan GST Ltd.
(Company Number 05423140) on May 6, 2008.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides  
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.  

The company can be reached at:

          Artisan GST Ltd.
          7 Pullman House
          Battle Road
          Newton Abbot
          Devon
          TQ12 6RY
          England


AVIATION SUPPORT: Appoints Dilip K. Dattani as Liquidator
---------------------------------------------------------
Dilip K. Dattani of Tenon Recovery was appointed liquidator of
Aviation Support (UK) Ltd. on April 21 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         1 Bede Island Road
         Bede Island Business Park
         Leicester
         LE2 7EA
         England


BAA LIMITED: Confirms British Airways' June Move to Terminal 5
--------------------------------------------------------------
BAA Limited and British Airways Plc have confirmed that the
first phase of the move of additional flights into Heathrow
Terminal 5 will take place in June 2008.

Services to and from eight long-haul destinations will be
switched from Terminal 4 to Terminal 5 on June 5.

These flights include services to and from New York JFK. The
other seven destinations are Abuja, Bangalore, Beijing, Cairo,
Cape Town, Lagos and Phoenix.

British Airways flies eight times a day to New York JFK, and
provides a daily service on the other routes. All these flights
operate currently from Terminal 4.  Combined, they amount to
about a quarter of the airline's Terminal 4 schedule.

"I am pleased that we have reached this decision jointly," Colin
Matthews, BAA chief executive, said.  "BAA and BA have worked
together effectively to resolve the initial problems at T5, and
to plan this next move.  "We continue to work together
intensively to complete the migration of the remaining long haul
services as soon as is practicable."

"As we announced on April 11, 2008, we will move our Terminal 4
long-haul program into Terminal 5 in phases," Willie Walsh,
British Airways' chief executive, said.  "We have taken this
decision in the interests of customers, who remain our priority
at all times.  Terminal 5 is now working well, and we are
pleased we can confirm our plan to move in some additional
flights on June 5."

                      About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel Shops
Ltd.  BA has offices in India and Guatemala.

                        About BAA Ltd.

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

                          *     *     *

As of April 17, 2008, BAA Limited carries BB- long-term
corporate credit rating from Standard & Poor's Ratings Services,
which said the Outlook is negative.


BARWELL TRAVEL: Appoints Administrators from Menzies
----------------------------------------------------
Geoffrey Wayne Bouchier and Paul John Clark of Menzies Corporate
Restructuring were appointed joint administrators of Barwell
Travel Ltd. (Company Number 01733446) on May 1, 2008.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

          Barwell Travel Ltd.
          34 The Coach House
          Elm Road
          Chessington
          Surrey
          KT9 1AW
          England
          Tel: 02087863000


BATEMANS LTD: Taps Joint Administrators from BDO Stoy
-----------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed on May 1, 2008, joint administrators of:

   -- Batemans (Opticians) Ltd. (Company Number 00155897);
   -- George Bateman & Co. Ltd. (Company Number 00122874);
   -- Bateman's Laboratories Ltd. (Company Number 00258490);
   -- Horstmanns (Opticians) Ltd. (Company Number 00207946);
   -- Geoffrey Bateman Ltd. (Company Number 00478113);
   -- F.A. Bateman Ltd. (Company Number 00119760);
   -- M.W. Dunscombe Ltd. (Company Number 01022625);
   -- Wallis G. Carter Ltd. (Company Number 00493434); and
   -- G.C. Bateman Ltd. (Company Number 00110559).

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The companies can be reached at:

          Batemans (Opticians) Ltd.
          Retsel House
          Bridge Street
          Sturminster Newton
          Dorset
          DT10 1AW
          England
          Tel: 01258 472 291


BIBA INTERNATIONAL: Names Administrators from Grant Thornton
------------------------------------------------------------
Daniel Smith and Martin Ellis of Grant Thornton UK LLP were
appointed joint administrators of Biba International Ltd.
(Company Number 05454050) on April 29, 2008.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--  
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

          Biba International Ltd.
          30 Hereford Road
          Paddington
          London
          W2 5AJ
          England
          Tel: 02077278680


BJF LASERS: Appoints Moore Stephens to Administer Assets
--------------------------------------------------------
David Ronald Elliott of Moore Stephens LLP was named
administrator of BJF Lasers Ltd. (Company Number 05020150) on
May 1, 2008.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

The company can be reached at:

          BJF Lasers Ltd.
          Unit 2
          Medway City Estate
          Rochester
          Kent
          ME2 4JW
          England
          Tel: 01634 225 000
          Fax: 01634 225 010


BRITISH AIRWAYS: Confirms June Move to Terminal Five
----------------------------------------------------
British Airways Plc and BAA Limited have confirmed that the
first phase of the move of additional flights into Heathrow
Terminal 5 will take place in June 2008.

Services to and from eight long-haul destinations will be
switched from Terminal 4 to Terminal 5 on June 5.

These flights include services to and from New York JFK. The
other seven destinations are Abuja, Bangalore, Beijing, Cairo,
Cape Town, Lagos and Phoenix.

British Airways flies eight times a day to New York JFK, and
provides a daily service on the other routes. All these flights
operate currently from Terminal 4.  Combined, they amount to
about a quarter of the airline's Terminal 4 schedule.

"As we announced on April 11, 2008, we will move our Terminal 4
long-haul program into Terminal 5 in phases," Willie Walsh,
British Airways' chief executive, said.  "We have taken this
decision in the interests of customers, who remain our priority
at all times.  Terminal 5 is now working well, and we are
pleased we can confirm our plan to move in some additional
flights on June 5."

"I am pleased that we have reached this decision jointly," Colin
Matthews, BAA chief executive, said.  "BAA and BA have worked
together effectively to resolve the initial problems at T5, and
to plan this next move.  "We continue to work together
intensively to complete the migration of the remaining long haul
services as soon as is practicable."

                        About BAA Ltd.

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

                      About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel Shops
Ltd.  BA has offices in India and Guatemala.

                        *     *     *

As of Jan. 2, 2008, British Airways Plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.


CHRIS EVERILL: Brings In Liquidators from Tenon Recovery
--------------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon
Recovery were appointed joint liquidators of Chris Everill
Commercials Ltd. on April 29 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:
         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


CLEAR CHANNEL: Revenues Up 4% to US$1.6 Billion in 1st Qtr. 2008
----------------------------------------------------------------
Clear Channel Communications, Inc. reported results for its
first quarter ended March 31, 2008.

The company reported revenues of US$1.6 billion in the first
quarter of 2008, a 4% increase over the US$1.5 billion reported
for the first quarter of 2007.  Included in the company‘s
revenue is a US$48.1 million increase due to movements in
foreign exchange; strictly excluding the effects of these
movements in foreign exchange, revenue growth would have been
1%. See reconciliation of revenue excluding effects of foreign
exchange to revenue at the end of this press release.

Clear Channel‘s expenses increased 8% to US$1.1 billion during
the first quarter of 2008 compared to 2007.  Included in the
company‘s 2008 expenses is a US$41.9 million increase due to
movements in foreign exchange.  Strictly excluding the effects
of movements in foreign exchange in the 2008 expenses, expense
growth would have been 4%.  Also included in the company‘s 2008
expenses is approximately US$9.6 million of non-cash
compensation expense.  This compares to non-cash compensation
expense of US$8.2 million in the first quarter of 2007.

Clear Channel‘s income before discontinued operations increased
70% to US$161.4 million, as compared to US$95.1 million for the
same period in 2007.  The company‘s diluted earnings before
discontinued operations per share increased 68% to US$0.32,
compared to US$0.19 for the same period in 2007.  The company‘s
first quarter 2008 net income included an approximate US$67.2
million nontaxable gain, which includes the minority interest
expense on the gain, or US$0.13 per diluted share, on the
divestiture of its 50% interest in Clear Channel Independent, a
South African outdoor advertising company.  Excluding this gain,
Clear Channel‘s first quarter 2008 income before discontinued
operations would have been US$94.2 million or US$0.19 per
diluted share.

"We continued to execute on our strategic plan during first
quarter in the face of a challenging macro-economic climate,"
commented Mark P. Mays, Chief Executive Officer of Clear Channel
Communications.  "While our results were affected by the soft
advertising market, we continued to out-deliver the majority of
our media industry peers.  Our Outdoor results benefited from
the global diversification of our footprint, as well as our
ongoing efforts to expand our digital presence.  We are solidly
on track in rolling out our digital installation plan, which
continues to strengthen our long-term growth potential.  Our
radio operations out-performed the majority of our markets in
the quarter and we continued to invest in our content and online
assets in an effort to strengthen our value proposition to both
our listeners and advertisers.  We believe our concerted
investment strategy will position our businesses for growth over
the long-term."

                       Merger Transaction

The company‘s shareholders approved the adoption of the merger
agreement, as amended, with a group led by Thomas H. Lee
Partners, L.P. and Bain Capital Partners, LLC on Sept. 25, 2007.

The company anticipated the merger would close by the end of the
first quarter of 2008.  However, on March 26, 2008, the Company,
joined by CC Media Holdings, Inc., a unit of the Sponsors, sued
the banks who had committed to financing the debt connected to
the merger for tortious interference.

A trial date is currently set for June 2, 2008.

The company is unable to estimate a closing date and is not
certain that a closing will occur.

            Television and Radio Divestitures Television

On March 14, 2008, the company completed the sale of its
Television Group to an affiliate of Providence Equity Partners
Inc. for US$1.0 billion.  The operations of the Television Group
up to the date of sale are reported as discontinued operations
in the consolidated statements of operations.

Radio

Total radio stations announced as
being marketed for sale on Nov. 16, 2006             448

Total radio stations no longer
being marketed for sale                             (173)

Adjusted number of radio stations being
marketed for sale ("Non-core" radio stations)        275

Non-core radio stations sold through
March 31, 2008                                      (223)

Remaining non-core radio stations
at March 31, 2008 classified as
discontinued operations                              52

Non-core radio stations under
definitive asset purchase agreements                (32)

Non-core radio stations being marketed for sale      20

On Nov. 16, 2006, the company announced plans to sell 448 non-
core radio stations.  The sale of these assets is not contingent
on the closing of the merger described.  During the first
quarter of 2008, the company revised its plans to sell 173 of
these stations and intends to hold and operate the stations.  A
portion of these stations were previously classified as
discontinued operations.  The stations no longer met the
requirements of Statement of Financial Accounting Standards No.
144, Accounting for the Impairment or Disposal of Long-lived
Assets for classification as discontinued operations.  
Therefore, the assets, results of operations and cash flows from
these stations were reclassified to continuing operations in the
company‘s consolidated financial statements as of and for the
period ended March 31, 2008, for the period ended March 31, 2007
and as of December 31, 2007.

The company sold 223 non-core radio stations, had definitive
asset purchase agreements for 32 non-core radio stations and
continued to market 20 non-core radio stations at March 31,
2008.  These stations were classified as assets from
discontinued operations in the company‘s consolidated balance
sheet and as discontinued operations in the consolidated
financial statements as of and for the period ended March 31,
2008, for the period ended March 31, 2007 and as of December 31,
2007.  Through May 7, 2008, the company executed definitive
asset purchase agreements for the sale of 17 radio stations in
addition to the radio stations under definitive asset purchase
agreements at March 31, 2008.  The closing of these sales is
subject to antitrust clearances, FCC approval and other
customary closing conditions.  There can be no assurance that
any of the pending divestitures contemplated in this release
will actually be consummated.

           Second Quarter and 2008 Outlook

Due to the pending merger transaction and the company not
hosting a teleconference to discuss financial and operating
results, the Company is providing the following information
regarding its expectations and current information related to
2008 operating results.  Pacing information presented below
reflects revenues booked at a specific date versus the
comparable date in the prior period and may or may not reflect
the actual revenue growth at the end of the period.  The
company‘s revenue pacing information includes an adjustment to
prior periods to include all acquisitions and exclude all
divestitures in both periods presented for comparative purposes.
All pacing metrics exclude the effects of foreign exchange
movements.

As of May 8, 2008, revenues for the consolidated Company are
pacing down 2.7% for the second quarter of 2008 as compared to
the second quarter of 2007, and are pacing down 1.2% for the
full year of 2008 as compared to the full year of 2007.  As of
the first week of May, the company has historically experienced
revenues booked of approximately 85% of the actual revenues
recorded for the second quarter and approximately 65% of the
actual revenues recorded for the full year.  As of May 8, 2008,
revenues for the Radio division are pacing down 5.3% for the
second quarter of 2008 as compared to the second quarter of
2007, and are pacing down 4.3% for the full year of 2008 as
compared to the full year of 2007.

As of the first week of May, the Radio division has historically
experienced revenues booked of approximately 80% of the actual
revenues recorded for the second quarter and approximately 60%
of the actual revenues recorded for the full year.

The company‘s Radio division currently forecasts total operating
expense growth to be in a range of down low single-digits to up
low single-digits for the full year 2008 as compared to the full
year 2007.

Also as of May 8, 2008, revenues in the Outdoor division are
pacing up 0.3% with the Americas above and International below
the 0.3% pacing for the second quarter 2008 as compared to the
second quarter of 2007.  For the full year 2008 versus the full
year 2007, the Outdoor division revenues are pacing up 2.3% with
the Americas slightly below and International slightly above the
full-year pacing of 2.3%.  As of the first week of May, the
Outdoor division has historically experienced revenues booked of
approximately 85% of the actual revenues recorded for the second
quarter and approximately 65% of the actual revenues recorded
for the full year.

Excluding the effects of movements in foreign exchange, the
company‘s Outdoor division currently forecasts total operating
expense growth to be in a range of low single-digit to mid
single-digit growth for the full year 2008 as compared to the
full year 2007.  For the consolidated company, current
management forecasts show corporate expenses of US$180 to US$190
million for the full year 2008. This projection does not include
any ongoing management fees that may be paid to the Sponsors
post closing of the merger.  Non-cash compensation expense are
currently projected to be in the range of US$40 million to US$50
million for the full year of 2008. These projections do not
consider any expense associated with the pending merger
transaction.  The company currently forecasts overall capital
expenditures for 2008 of US$475 to US$500 million, excluding any
capital expenditures associated with any new contract wins the
Company may have during 2008.  Increases over the 2007 level
would be primarily due to new contract wins during 2007 and 2008
and any acceleration of the roll-out of digital boards.  Income
tax expense as a percent of 'Income before income taxes and
minority interest' is currently projected to be approximately
38%.  Current income tax expense as a percent of 'Income before
income taxes and minority interest' is currently expected to be
20% to 25%.  This percentage does not include any tax expense or
benefit related to the pending merger transaction, the recently
completed divestitures of the company‘s television stations and
certain of its radio stations or other capital gain
transactions, or the effects of any resolution of governmental
examinations.

                     Discontinued Operations

Included in income from discontinued operations in the first
quarter of 2008 is a gain of US$633.2 million, net of tax,
related to the sale of the Company‘s television business and the
sale of certain radio stations.  The company estimates
utilization of approximately US$577.3 million of capital loss
carryforwards to offset a portion of the taxes associated with
these gains.  As of March 31, 2008, the company had
approximately US$809.2 million in capital loss carryforwards
remaining.

              Liquidity and Financial Position

For the quarter ended March 31, 2008, cash flow from operating
activities was US$367.8 million, cash flow used by investing
activities was US$154.3 million, cash flow used by financing
activities was US$754.4 million, and net cash provided by
discontinued operations was US$997.9 million for a net increase
in cash of US$457.0 million.

As of March 31, 2008, 81% of the company‘s debt bears interest
at fixed rates while 19% of the company‘s debt bears interest at
floating rates based upon LIBOR.  The company‘s weighted average
cost of debt at March 31, 2008 was 5.8%. As of May 8, 2008, the
Company had approximately US$1.7 billion available on its bank
credit facility.  The company may utilize existing capacity
under its bank facility and other available funds for general
working capital purposes including funding capital expenditures,
acquisitions, stock repurchases and the refinancing of certain
public debt securities.  Capacity under the facility can also be
used to support commercial paper programs.  Redemptions or
repurchases of securities will occur through open market
purchases, privately negotiated transactions, or other means.

                     About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand. As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

                            *     *     *

In March 2008, Standard & Poor's Ratings Services said its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications.

Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Moody's stated that assuming the transaction is completed as
currently contemplated, Clear Channel will likely be assigned a
Corporate Family Rating of B2 and the rating on the existing
senior notes is likely to be notched down to Caa1 based on their
expected subordination to the new senior secured debt facilities
and the new senior notes.


CORBY BOTTLERS: Creditors' Meeting Slated for May 23
----------------------------------------------------
Creditors of Corby Bottlers Plc (Company Number 02120678) will
meet at 11:30 a.m. on May 23, 2008, at:

          KPMG LLP
          1 Waterloo Way
          Leicester
          LE1 6LP
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 22, 2008 at:

          Andrew Stephen McGill and Richard James Philpot
          Joint Administrators
          KPMG LLP
          St. Nicholas House
          Park Row
          Nottingham
          NG1 6FQ
          England

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.


DARLINGTON WINES: Creditors' Meeting Slated for May 23
------------------------------------------------------
Creditors of Darlington Wines Ltd. (Company Number 01278872)
will meet at 10:00 a.m. on May 23, 2008, at:

          KPMG LLP
          1 Waterloo Way
          Leicester
          LE1 6LP
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 22, 2008, at:

          Andrew Stephen McGill
          Joint Administrator
          KPMG LLP
          1 Waterloo Way
          Leicester
          LE1 6LP
          England

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.


DENKALE LTD: Appoints Baker Tilly as Joint Administrators
---------------------------------------------------------
Michael David Rollings and Bruce Mackay of Baker Tilly
Restructuring and Recovery LLP were appointed joint
administrators of Denkale Ltd. (Company Number 04562545) on
May 1, 2008.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing  
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

The company can be reached at:

          Denkale Ltd.
          21-35 St. Denys Road
          Southampton
          Hampshire
          SO17 1GJ
          England
          Tel: 023 8067 1700
          Fax: 023 8055 9115


D.J. LITT: Cash Flow Problems Prompt Administration
---------------------------------------------------
Richard Hawes and Robin Allen of Deloitte & Touche LLP were
appointed as Joint Administrators of D. J. Litt (Firearms) Ltd.
on May 8, 2008.

The failure of the company is attributed to recent cash flow
problems.

"We are assessing the company's position to secure a sale of the
business and assets," Richard Hawes disclosed.

Mr. Hawes added, "We are seeking a buyer for the business as a
going concern and interested parties should contact the
administrators without delay."

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides  
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.  

Headquartered in Newport, Wales, D.J. Litt Ltd. --
http://www.litts.co.uk/-- supplies rifles, shotguns, hunting  
and shooting accessories and clothing.  It is the UK’s largest
sporting gun retailer and holds in excess of 2000 product lines,
with a turnover of GBP12 million.  The company employs 20
people. It also has shooting grounds in Gwent, Newport.


DURA AUTOMOTIVE: U.S. Court Confirms Chapter 11 Plan
----------------------------------------------------
DURA Automotive Systems, Inc. (Pink Sheets: DRRAQ) on Wednesday
said  announced Bankruptcy Court for the District of Delaware
has approved the company's Plan of Reorganization, clearing the
way for the company to promptly emerge from Chapter 11.  Judge
Kevin J. Carey ruled that DURA's Plan satisfied the requirements
of the U.S. Bankruptcy Code and signed the order confirming
DURA's Plan.  The company also recently obtained commitments for
financing required to fund its emergence from Chapter 11.

"This is an exciting day for DURA and our stakeholders, as we
have reached our goal of reorganizing as a stronger, more
competitive company," said Larry Denton, Chairman and Chief
Executive Officer.  "While there is still work to be completed
in our revitalization strategy, we are already realizing
favorable results from our operational restructuring initiatives
and our financial results continue to exceed plan targets."

Denton continued, "The global automotive industry continues to
undergo a sweeping transformation, and DURA is now well
positioned to participate in its growth. We now have a much
stronger balance sheet, enabling the Company to better compete
as a global automotive supplier.  Our financial restructuring
complements the significant operational accomplishments achieved
over the last two years to expand our presence in emerging
regions while right-sizing our overall manufacturing capacity to
ensure best-in-cost production, and continued high performance
in product quality, delivery and innovation for our customers."

Upon emergence, DIP claims, administrative expenses and certain
priority claims will receive cash. Holders of second lien debt
will receive new Convertible Preferred Stock on account of their
claims.  Senior Notes and Other General Unsecured Claims will
receive 100% of New Common Stock.  The company's pre-bankruptcy
subordinated notes, convertible preferred securities and
existing equity will not receive recoveries under the Plan.  
Upon emergence, DURA expects to be a publicly reporting company
under SEC rules.

DURA was advised by AlixPartners, Kirkland & Ellis and Miller
Buckfire in connection with its Chapter 11 reorganization.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Pink Sheets: DRRA) -- http://www.DURAauto.com/-- is an  
independent designer and manufacturer of driver control systems,
seating control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea. It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. D. Del. Case No. 06-11202). Marc Kieselstein, P.C.,
Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq.,
at Kirkland & Ellis LLP are lead counsel for the Debtors'
bankruptcy proceedings.  Daniel J. DeFranseschi, Esq., and Jason
M. Madron, Esq., at Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.

As of Jan. 31, 2008, the Debtor had US$1,503,682,000 in total
assets and US$1,623,632,000 in total liabilities.

On April 3, 2008, the Court approved the Debtors' revised
Disclosure Statement explaining their revised Chapter 11 plan of
reorganization.


GLOBAL TIMBER: Taps Liquidators from Tenon Recovery
---------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon
Recovery were appointed joint liquidators of Global Timber Frame
Ltd. on April 30 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         SO53 3TZ
         England


ISHARES JPMORGAN: Moody's Assigns Ba2/MR5 Fund Ratings
------------------------------------------------------
Moody's Investors Service assigned a bond fund credit rating of
Ba2 and a market risk rating of MR5 to the iShares JPMorgan US$
Emerging Market Bond Fund, an exchange traded fund with shares
listed and traded on both the London Stock Exchange and the New
York Stock Exchange.  The ETF was launched Feb. 18, 2008.

"The Ba2 fund credit rating is based on the credit quality of
the fund's investments and incorporates the fund's objectives as
well as the strong operations and risk management capacity of
its investment adviser, Barclays Global Investors," said Moody's
Assistant Vice President Michael Eberhardt, CFA.  "The market
risk rating reflects Moody's expectation that the Fund will
exhibit a high sensitivity to interest rates and developing-
market credit risk, in line with its benchmark."

The Fund's objective is to provide investors with a total
return, taking into account both capital and income returns,
that reflects the return of the JP Morgan EMBI Global Core
Index.  The investment adviser will seek to achieve Index
returns by using a representative sampling approach.  This
approach involves investing in a sample of bonds that
collectively have an investment profile similar to that of the
Index.  The investment adviser expects the use of representative
sampling to offer lower implementation costs than would a fully-
replicated indexing strategy and do so with limited tracking
error.  The fund, designed to be both a trading and an
investment tool, gives investors the ability to take long and
short exposure to the most liquid components of the emerging
market bond market.  The Index, which is published and
maintained by JP Morgan, tracks the performance of the most
liquid US-dollar denominated emerging markets debt. To be
included in the Index, bonds must meet various issuer and
issuance qualifications.  The Index and fund rebalance each
month.

Moody's considers the investment adviser's risk management and
representative sampling approach to be robust and expects the
investment adviser to be able to limit the Fund's tracking error
to the Index.  Thus, the credit and market risk ratings of the
Fund are reflective of the risks associated with its Index.  A
historical review of the Index reflects a consistent Ba2 level
of credit risk for the past two years.

The Fund's market risk rating of MR5 is driven by the Fund's
exposure to emerging market credit risk and relatively long
benchmark duration of 7.8 years.  The emerging market credit
risks of the Index are likely to contribute to price volatility
greater than that of an MR5 rated fund invested in developed
market sovereign bonds.  Emerging market sovereign credits
represent risks beyond those of developed sovereign obligations
due to considerations such as political and social instability,
limited economic infrastructure and general market illiquidity.

The fund is advised by Barclays Global Investors and is a sub-
fund of iShares II, plc.  iShares is a variable capital company
incorporated with limited liability in Ireland.  iShares is
authorized by the Central Bank of Ireland as a UCITs III fund.
The governor and company of the Bank of Ireland serve as the
fund's custodian and Bank of Ireland Securities Services is the
administrator.  iShares are distributed over-the-counter or on
exchange, via market makers.  BGI is one of the world's largest
investment managers with over GBP990 billion of assets under
management (as of March 2008).  Through iShares, BGI offers more
than 320 ETFs globally.  Collectively, iShares represent
approximately US$ 402 billion in assets under management (as of
January 2008).

Moody's money market and bond fund ratings express opinions on
the investment quality of shares in mutual funds and similar
investment vehicles that principally invest in short-term and
long-term fixed-income obligations, respectively.  As such,
these ratings incorporate Moody's assessment of a fund's
published investment objectives and policies, the
creditworthiness of the assets held by the fund, as well as the
management characteristics of the fund.  The ratings are not
intended to consider the prospective performance of a fund with
respect to appreciation, volatility of net asset value, or
yield.  Funds rated Ba2 are judged to be of an investment
quality similar to that of Ba2-rated fixed-income obligations --
that is, they are judged to have speculative elements.

Moody's market risk ratings are opinions of the relative degree
of volatility of a rated fund's net asset value.  In forming an
opinion, Moody's analysts consider risk elements that may have
an effect on a fund's net asset value, such as interest rate
risk, prepayment and extension risk, liquidity and concentration
risks, currency risk, and derivatives risk The ratings are not
intended to reflect the prospective performance of a fund with
respect to price appreciation or yield.  A Fund rated MR5 is
judged to have a very high sensitivity to changing interest
rates and other market conditions.


LTC HAULIERS: Brings In Administrators from Begbies Traynor
-----------------------------------------------------------
Michael E.G. Saville and Rob Sadler of Begbies Traynor were
appointed joint administrators of LTC Hauliers Ltd. (Company
Number 01141440) on May 6, 2008.

Begbies Traynor -- http://www.begbies.com/-- assists companies,  
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.  

The company can be reached at:

          LTC Hauliers Ltd.
          Gale Gate
          York
          North Yorkshire
          YO43 4SJ
          England
          Tel: 01430 876 888
          Fax: 01430 827 534


N-TSAR PORTFOLIO: Fitch Junks Ratings on All CDS Classes
--------------------------------------------------------
Fitch Ratings has downgraded all classes of N-Tsar portfolio
credit default swaps.

N-Tsar Portfolio CDS:

   -- Class B CDS: downgraded to 'CCC' from 'A'; off RWN
   -- Class C CDS: downgraded to 'CC' from 'BB+'; off RWN
   -- Class D CDS: downgraded to 'CC' from 'B'; off RWN
   -- Class E CDS: downgraded to 'C' from 'CC'; off RWN

The credit default swap with Deutsche Bank AG relates to a
reference portfolio of asset-backed securities obligations.  
These series are backed by 'AAA'-rated collateral securities
funded by the net proceeds from the issue of the notes.  The
portfolio is actively managed by Winchester Capital Principal
Finance, a subsidiary of Deutsche Bank AG.

Fitch's rating action reflects higher loss expectations due to
greater-than-expected collateral deterioration in the portfolio.  
The negative credit migration is primarily attributable to the
rapid credit deterioration in subprime residential mortgage-
backed securities from the 2004, 2005 and 2006 vintages, as well
as considerable exposure to US structured finance CDOs.

The portfolio comprises US subprime RMBS (4.3%), Alternative A
(Alt-A) mortgage loans (14.4%) and US diversified structured
finance CDOs (58.1%).  Subprime RMBS of the pre- 2005, 2005 and
2006 vintages account for approximately 2.5%, 1.0% and 0.8% of
the portfolio, respectively.  As per the latest trustee report
dated April 2008, 4.9% of the portfolio is rated 'CCC+' or below
and 12.7% of the portfolio is rated 'BB+' or below.  This
compares to credit enhancement levels of 7.75% for Class A,
4.75% for Class B, 2.85% for Class C, 1.95% for Class D, 7.75%
for Series 101, 4.75% for Series 102, 2.85% for Series 103 and
1.95% for Series 104.

Currently, 10.7% of the portfolio is on RWN, including 8.4% of
US diversified structured finance CDOs where Fitch expects
significant migration from the current levels.


NORTHERN ROCK: Business Plan Shows Solid Progress
-------------------------------------------------
The Northern Rock business plan, which was approved by HM
Treasury on March 31, 2008 subject to State aid approval,
includes as a priority the repayment of the Bank of England
debt, through the contraction of the Company's balance sheet and
withdrawal from non-core lending activities.

In order to reduce the size of its balance sheet to a
sustainable level, the Company must achieve a significantly
higher level of mortgage redemptions than has historically been
the case.  To this end, activities aimed at assisting borrowers
to transfer their mortgages to other lenders at the end of their
fixed or discounted period are progressively being implemented.
Utilizing its historical relationships with mortgage
intermediaries, the Company has established a panel to assist
maturing borrowers in searching the market for a new mortgage
product to meet their needs.  The Company intends to develop
this panel further in the months ahead.  The mortgage redemption
program is progressing well, with redemption levels in the first
four months of 2008 in line with the Plan.  More difficult
economic and market conditions, combined with a shrinking
mortgage book have contributed to increased arrears levels;
mortgages 3 months and over in arrears were 0.95% at the end of
April, (Dec. 31, 2007: 0.57%).  However, the overall credit
quality of the loan book remains at a level assumed in the Plan.

As previously reported, the size of the Bank of England loan
facilities stood at GBP24.1 billion at March 31, 2008, having
been reduced from GBP26.9 billion at the end of 2007.  The loan
facilities are continuing to be repaid in line with
expectations.

Northern Rock presently offers a limited range of new mortgage
products.  Gross residential mortgage lending in the first
quarter was a modest GBP1.2 billion.  Looking ahead, the Company
intends to gradually increase new mortgage origination in line
with the Plan while remaining significantly below historical
levels.  The Company will continue to focus on prime UK
residential mortgages, with loans originated through
intermediary and direct channels.  The standalone and Together
unsecured portfolios have continued to reduce following the
Company's decision to withdraw these products.

In line with the Plan to achieve a more balanced mix between
retail and non-retail sources of funding, Northern Rock has
begun to rebuild its retail savings deposit base and is on track
to meet its targets under the Plan.  Retail savings balances
have begun to recover and ended the quarter at GBP12.8 billion.
The Company has complied at all times with the commitments set
out in its Competitive Framework, subsequent to its publication
at the end of March.  Following the announcement of Northern
Rock's decision to close its Denmark retail savings office, the
majority of these customer balances have now been repaid.

Northern Rock continues to meet its obligations as they fall due
in relation to its outstanding wholesale debt programs,
including its securitization and covered bond issuances.  The
Company did not issue any new wholesale securities in the first
quarter of 2008.

Under its Plan, Northern Rock has undertaken to strengthen its
risk and control environment, and has announced a review of its
risk management policies.  As an early output of this review,
the Company has strengthened its procedures regarding mortgage
arrears capitalization.  The Company's general policy to
capitalize any outstanding amounts in arrears following receipt
of three consecutive full monthly payments remains unchanged.
However, the Company has concluded that the controls over its
policy to permit discretion in certain circumstances to
capitalize amounts in arrears when the borrower has paid less
than three monthly payments have been inadequate.  Under revised
procedures, any such discretion has now been removed.  This
change will result in higher reported arrears in coming months,
with Northern Rock's performance here expected to move much
closer to the industry average.  This change, however, does not
reflect any change in the underlying quality of Northern Rock's
mortgage portfolio, as demonstrated by the low level of realized
losses which the Company has experienced on its mortgage
portfolio over many years.  This change also does not alter the
adequacy of Northern Rock's provisions for loans and advances as
reported in its Annual Report and Accounts for the year ended
Dec. 31, 2007.

Satisfactory progress has been made with the restructuring
program set out in the Plan.  Following the submission of the
HR 1 form to the Department for Business Enterprise and
Regulatory Reform on May 1, 2008, the Company entered a formal
90-day consultation period with Unite and other employee
representatives.  Subject to the outcomes of this consultation,
staff numbers are likely to be reduced by around 2,000 by the
end of 2011, with the majority of this reduction likely to occur
in 2008.

As announced on May 2, 2008, the existing Bank of England
facilities have now been amended, as of April 30, 2008, but
remain on the same economic terms.  The Bank of England and HM
Treasury have agreed to make a committed reserve facility
available to the Company for contingency purposes.  The amended
facilities (including the committed reserve facility) are
subject to appropriate clearance being obtained from the
European Commission for State aid, and are secured against the
assets of the Company.

                   Governance and Reporting

Northern Rock was taken into temporary public ownership on
Feb. 22, 2008 and this period is governed by a shareholder
relationship framework document between the Company and HM
Treasury.  The core principle of this Framework Document is that
subject to appropriate controls, Northern Rock should operate on
a commercial basis, at arm’s length from the Government, and the
Board has the freedom to act to deliver the Plan.  The Company's
governance arrangements will, as far as practicable, follow the
provisions of the Combined Code on corporate governance.

The Framework Document also provides for monitoring by HM
Treasury of the Company's performance against the Plan, with
regular meetings and provision of information appropriate to its
position as sole shareholder.

Consistent with the spirit of the Framework Document, Northern
Rock intends to report publicly in a manner similar to that of a
listed company.  Specifically, the Company will publish audited
annual report and accounts, plus an interim report including
management commentary and interim financial statements.  The
Company will also issue trading statements following the end of
the first and third quarterly periods.

Northern Rock held its Annual General Meeting on May 1, 2008, in
which the 2007 Report and Accounts were received and the
Directors' Remuneration Report was approved.  Simon Laffin and
John Devaney were both re-elected as Non-Executive Directors of
the Company and, as previously announced, Michael Queen retired
as a Director.  PricewaterhouseCoopers were re-appointed as
Northern Rock's auditors.

                             Outlook

While recent actions taken by central banks to improve the
functioning of financial markets are welcomed by Northern Rock,
the outlook for the UK mortgage industry remains highly
uncertain.  The Company does not expect market conditions to
normalize in the short term.  This environment presents Northern
Rock with challenges, especially as regards the Company's
ability to meet its targeted mortgage redemption levels in the
future.  Nevertheless, given this backdrop, the Company's
progress against its Plan to date is encouraging.

"I am pleased to report that solid progress has been made
against our business plan.  The Bank of England loan facilities
are reducing and the balance sheet is contracting as a result of
planned mortgage redemptions.  While arrears have increased, the
credit quality of the loan book remains satisfactory and at a
level assumed in the plan.  Clearly the outlook for the UK
mortgage market is uncertain but progress against our business
plan to date is encouraging.  We remain firmly focused on our
business priorities of repaying the Government debt, releasing
the guarantee arrangements and, in due course, returning
Northern Rock to private ownership," Northern Rock Executive
Chairman Ron Sandler said.


PUBLICAN LTD: Hires Liquidators from Moore Stephens
---------------------------------------------------
Nigel Price and Colin Prescott of Moore Stephens LLP were
appointed joint liquidators of Publican Ltd. on April 18 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


REVIEW COMPANY: Calls In Liquidators from Tenon Recovery
--------------------------------------------------------
A. J. Pear and I. M. D. G. Cadlock of Tenon Recovery were
appointed joint liquidators of The Review Company on for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Lyndean House
         43/46 Queens Road
         Brighton
         BN1 3XB
         England


SAGA INVESTMENT: Moody's Cuts Ratings on Four Note Classes
----------------------------------------------------------
Moody's Investors Service downgraded four classes of notes
issued by Saga Investment Series Ltd.

These rating actions are in response to credit deterioration in
the underlying portfolio.  The transaction is a static synthetic
CDO of ABS referencing a portfolio with assets in the United
States and Europe.  Approximately 21% of the portfolio consists
of exposure to US subprime RMBS and approximately 9% of the
portfolio are US CDOs of ABS.

Moody's announced on Feb. 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage.  Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans."  This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios.  Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS, and will take further actions in respect of all
CDOs placed under review for downgrade once the extent of actual
downgrades to US RMBS vintages becomes known.

These rating actions are:

Saga Investment Series Limited:

    * JPY700,000,000 Class A1 Secured Fixed/Floating Rate
      Credit-Linked Notes due 2011

   -- Current Rating: B2, on review for downgrade
   -- Prior Rating: Aaa, on review for downgrade

    * JPY2,300,000,000 Class A2 Secured Floating Rate Credit-
      Linked Notes due 2011

   -- Current Rating: B2, on review for downgrade
   -- Prior Rating: Aaa, on review for downgrade

    * EUR7,500,000 Class A3 Secured Floating Rate Credit-Linked
      Notes due 2011

   -- Current Rating: B2, on review for downgrade
   -- Prior Rating: Aaa, on review for downgrade

    * JPYJPY 4,000,000,000 Class B Secured Fixed Rate Credit-
      Linked Notes due 2011

   -- Current Rating: Caa1, on review for downgrade
   -- Prior Rating: A1, on review for downgrade


SBS COMMERCIAL: Three Former Directors Buy Assets
-------------------------------------------------
The business and assets of SBS Commercial has been bought by
former directors Martin Marshall, Rod Burney and Damian Hosty,
the Crains Manchester Business reports.

According to the report, SBS, which was placed into
administration on April 17, 2008, will be relaunched as Bag a
Business.

SBS Commercial, nka Bag A Business --
http://www.sbscommercial.co.uk/-- is a business transfer and  
residential estate agency.


SEA CONTAINERS: Wants Court to Approve SCL and GECC Global Pact
---------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Dealware to authorize Sea
Containers Ltd. to enter into a framework agreement with General
Electric Capital Corporation to end a dispute between SCL and
GECC relating to GE SeaCo SRL, so as to permit GE SeaCo's
management to focus 100% of its efforts on managing and growing
the GE SeaCo business.

GE SeaCo is non-debtor and a joint-venture entity between SCL,
and GECC -- through its subsidiaries GE Capital Container SRL
and Genstar Container Corporation.

GE SeaCo has asserted a number of claims against the Debtors,
all of which arose under certain governing agreements.
Subsequently, the Court has allowed the parties to pursue
arbitration with respect to the claims.

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, in
Wilmington, Delaware, relates that the Framework Agreement is
the result of substantial efforts made by the Debtors, GE SeaCo
and GECC to resolve all disputes between them, establish a
platform for a normalized business relationship, and maximize GE
SeaCo's value for its stakeholders.

Mr. Brady says the Framework Agreement provides for (i) the
settlement and release of all existing and pending claims
between the parties, (ii) a basis upon which to file and confirm
a Chapter 11 plan, while eliminating the possibility that GECC
would assert a plan that would constitute a change of control
under the joint venture documents, and (iii) modifications of
certain relevant GE SeaCo agreements to streamline and update
the governance and operations of GE SeaCo.

Under the terms of the proposed Framework Agreement, Mr. Brady
continues, GECC and GE SeaCo would release significant claims
asserted against the Debtors, which are estimated as having a
face value of over US$100 million, and which are the subject of
the intensive and expensive ongoing arbitration proceedings.

The other salient terms of the Framework Agreement include:

    -- facilitating confirmation of a Chapter 11 plan and
       emergence of the Debtors through waiver by GECC of the
       "right of first offer," change of control and other
       rights under the GE SeaCo governing agreements;

    -- clarifying and supplementing certain reporting and
       informational requirements relating to GE SeaCo to
       enhance the liquidity of the equity interests in a newly-
       formed company, Newco, that likely will own SCL's
       interests in GE SeaCo, and the equity interests of which
       are likely to be distributed to creditors of SCL;

    -- the creation of securities registration rights in GE
       SeaCo that would facilitate the disposition of Newco's
       Interests in GE SeaCo at a later date;

    -- termination of two Master Lease Agreements, and placing
       containers in the MLAs under two Equipment Management
       Agreements.  The agreements are for containers owned by
       SCL or GECC that were leased for GE SeaCo's benefit;

    -- amendments to the GE SeaCo governing agreements to update
       and streamline GE SeaCo's governance and operations;

    -- provision of a special dividend from GE SeaCo that should
       yield SCL in excess of US$10,000,000, which otherwise
       would not be payable, without interest, until at least
       2012;

    -- clarifications regarding Newco's post-emergence
       governance and ownership, all in light of the SCL's
       anticipated emergence from Chapter 11 and the
       distribution of equity in Newco; and

    -- a global settlement and release of outstanding claims
       among the Debtors, GECC and GE SeaCo.

Mr. Brady says the settlement of litigation and the release of
claims would have otherwise consumed significant bankruptcy
estate resources. The waiver of GECC is also significant because
it will enable the Debtors to formulate a path to exit in the
near term without the specter of further disputes with GECC,
avoid potentially mountainous additional administrative costs,
and facilitate the distribution of value by the estates to
creditors.

"While the estates have agreed in exchange to forgo US$18.9
million retained by GE SeaCo and the US$7 million claim for
attorneys' fees in the Change of Control Arbitration -- a
portion of this consideration will redound to SCL's benefit
through its 50% economic stake in GE SeaCo," Mr. Brady informs
the Court.

The Debtors believe that the Framework Agreement (i) provides
significant benefits with no meaningful detriment to the
estates, (ii) will mark a fresh start and facilitate a
harmonious, profitable relationship for the Debtors, GECC and GE
SeaCo, and (iii) is for the best interests of the Debtors and
their creditors.

A full-text copy of the Framework Agreement is available for
free at http://researcharchives.com/t/s?2bc9

                About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083. (Sea Containers Bankruptcy News, Issue No. 41;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SIRF CAPITAL 3: Fitch Keeps B Ratings on Watch Negative
-------------------------------------------------------
Fitch Ratings is maintaining SIRF Capital 3 Limited's
EUR50 million primary liquidity facility due 2014, rated 'B', on
Rating Watch Negative, pending the execution of the issuer's
restructuring proposal that would increase the credit
enhancement for the facility.

On completion of the restructuring, Fitch expects to remove the
ratings from RWN.  If the restructuring fails to execute in the
next four-to-six weeks, the primary liquidity facility will be
downgraded to 'CC' and removed from RWN.

In terms of performance, there has been greater-than-expected
collateral deterioration in the reference portfolio.  The
negative credit migration is primarily attributable to the rapid
credit deterioration in subprime residential mortgage-backed
securities from the 2005 and 2006 vintages as well as exposure
to US structured finance CDOs.

The portfolio comprises U.S. subprime RMBS (24%), Alternative A
mortgage loans (5%), and U.S. diversified structured finance
CDOs (6%).  Subprime RMBS of the 2005 and 2006 vintages account
for approximately 21% and 2% of the portfolio, respectively.

Since Fitch's rating action in November 2007, non-IG assets in
the portfolio have increased to 25% from 0% of the portfolio. Of
these, assets rated at 'CCC+' or below have increased to 11.7%
from 0% of the portfolio.  This compares to credit enhancement
level of 3.4% for the primary liquidity facility.  Further, two
of the assets in the 'CCC+' or below bucket (2% of the
portfolio) have been called as credit events, and approximately
11% of the reference portfolio is currently on RWN.

This transaction is a liquidity facility agreement between SIRF
3, a special purpose vehicle, and Calyon, the facility lender.
The liquidity facility will be drawn if the underlying assets
(Neon notes) experience a loss on the principal.  The rating
addresses the probability of the principal and interest being
paid under the liquidity facility, when drawn, in accordance
with the terms of the documentation. The rating of the liquidity
facility is linked to the credit quality of a EUR1 billion
portfolio, which synthetically references structured finance
assets.


TOPWOOD BUILDINGS: Claims Filing Period Ends June 16
----------------------------------------------------
Creditors of Topwood Buildings Ltd. have until June 16, 2008 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to:

         Mark Newman and Vincent John Green
         Joint Liquidators
         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         TN9 1HG
         England

Mark Newman and Vincent John Green of Vantis Business Recovery
Services were appointed joint liquidators of the company on
May 6, 2008 by the members and creditors.


UKRAINE AUTO: Fitch Rates US$18.7 million Class B Notes at B
------------------------------------------------------------
Fitch Ratings has assigned expected ratings Ukraine Auto Loan
Finance No. 1 Plc's notes:

   -- US$85.8 million Class A asset-backed notes: 'BBB-';
      Outlook Stable

   -- US$18.7 million Class B asset-backed notes: 'B'; Outlook
      Stable

The final ratings are contingent upon receipt of final
documentation conforming materially to information already
received.

The expected ratings address the timely and full payment of
principal and interest for the Class A notes and the ultimate
payment of principal and interest for the Class B notes.  
However, the ratings exclude any claim of the noteholders to
receive interest payments equal to the step-up margin due after
May 2012.

The transaction is the first securitization of auto loan
receivables out of Ukraine ('BB-' /Outlook Positive).  From
closing onwards and during a 12-month revolving period, CJSC
Privatbank ('B'/Outlook Positive) will sell receivables that
arise under loan contracts financing the acquisition of new and
used vehicles.  An early amortization can be triggered by events
linked to the performance of the sold portfolio or the
deterioration of the creditworthiness of the originator.  
Amortization will be strictly in sequential order.

This is CJSC Privatbank's second securitization of loan
receivables, after its RMBS transaction, which closed in 2007.  
CJSC Privatbank, the largest financial institution within
Ukraine, began granting auto loans in 2001.  Supported by a
benign economic environment since then, performance has been
strong, with low default and loss rates.  In addition, loans are
denominated in US$, transferring the foreign exchange risk into
credit risk on the obligors.  Apart from other considerations,
Fitch has taken these two aspects into account in analyzing the
default distribution of the portfolio.

The rating of the Class A notes pierces the Country Ceiling of
the Ukraine by three notches.  To mitigate transfer and
convertibility risk, up to 18 months' interest payments on the
Class A notes are covered via a cash reserve and political risk
insurance, granted by Steadfast (an ultimate subsidiary of
Zurich Insurance Company (IFS 'A+'/Outlook Positive)).


UKRAINE AUTO: Moody's Rates US$18.7 Mln Class B Notes at (P)Ba3
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
the two classes of notes to be issued by Ukraine Auto Loan
Finance No. 1 PLC:

   -- (P)Baa3 to the US$85,800,000 Class A Floating Rate Notes
      due 2018; and

   -- (P)Ba3 to the US$18,700,000 Class B Floating Rate Notes
      due 2018.

The Class C notes are not rated.

This transaction is the first public ABS transaction in Ukraine
and is the second publically rated securitization transaction
out of Ukraine.  Consumer and mortgage lending are growing
rapidly in Ukraine and Moody's believes that more transactions
are likely to come in the intermediate term.

Ukraine Auto Loan Finance No. 1 PLC, a special purpose vehicle
incorporated under the laws of England and Wales, will issue
three classes of US dollar-denominated notes to fund the
purchase of receivables arising from Ukrainian auto loans
originated by PrivatBank.  The transfer of the receivables and
the related collateral as well as the asset management agreement
are governed by Ukrainian law, while the remaining transaction
documents are governed by English law.

The ratings of the notes are inter alia based on:

   (i) the collateral consisting of a portfolio of approximately
       12,700 loans to individuals secured by first ranking
       pledges over motor vehicles located throughout most
       regions of the Ukraine;

  (ii) the sound legal structure,

(iii) high credit quality of the transaction parties, in
       particular PrivatBank's (Local Currency long term deposit
       rating Baa3), which make adverse scenarios less likely,

  (iv) credit enhancement provided by excess spread, reserve
       funds, subordination and the PRI Policy; and

   (v) the stand-by asset management arrangements.

The Class A Notes are supported by a PRI reserve fund and a PRI
Policy provided by Steadfast Insurance Company.  In order to
provide coverage during the first 180 days of a PRI Event, the
Issuer will establish a political risk insurance reserve fund to
be applied towards payments of the senior expenses and interest
payments due under the Class A Notes for the first 180 days.
After this period, the Issuer will have the benefit for of an
insurance policy for expropriation and currency inconvertibility
issued by Steadfast Insurance Company.  The PRI policy will
insure against the Issuer's inability to make (i) payments due
with respect to the senior expenses; and (ii) interest payments
due under the Class A Notes as a result of an expropriation or
currency inconvertibility.  Steadfast is not rated by Moody's;
however, Moody's believes that the ability and willingness of
the insurance company to pay any claim in this transaction in
addition to the PRI reserve, mitigates the convertibility and
expropriation risk to a level consistent with the Baa3 rating
assigned to the notes.

The pool consists of fixed rate loans, denominated in US dollars
and secured by first ranking pledges over motor vehicles in most
of the regions of the Ukraine.  The servicing will be performed
by PrivatBank, while Ukeximbank is the contracted back-up
servicer for this transaction.  The SPV will enter into an
interest rate cap agreement with UBS AG in order to hedge its
exposure due to the mismatch of the fixed rate interest received
under the mortgage pool and the floating rate interest payments
due under the Notes.  The interest rate cap agreement is not
consistent with Moody's criteria.  Therefore the hedging
arrangements for this transaction may introduce some incremental
risk to the ratings of the Notes in the event the ratings of the
swap counterparty declines.

Besides a reserve fund of US$[4,18] million (4.0% of the initial
senior note balance), the notes are supported by the PRI reserve
fund, a contingency reserve in the amount of US$[250,000] (0.14%
of the initial note balance) and a set off reserve in the amount
of US$[913,000] (0.82 % of the initial note balance).

The Notes will amortize sequentially.

The ratings on the Class A address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Class A Notes and for
ultimate payment of interest and ultimate payment of principal
with respect to the Class B Notes.  These ratings do not address
the probability that the step-up amounts will be paid on the
floating rate Notes.  Moody's ratings address only the credit
risks associated with the transaction. Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.  Moody's issues provisional ratings in
advance of the final sale of securities, but these ratings
represent only Moody's preliminary credit opinions.  Upon a
conclusive review of the transaction and associated
documentation, Moody's will endeavour to assign definitive
ratings to the Notes.  A definitive rating may differ from a
provisional rating.


* PKF Says Companies In Administration and Receivership Rise
------------------------------------------------------------
The latest statistics from The Insolvency Service reveal that
the number of companies being forced into either administration
or receivership by their creditors has rocketed.

Insolvency experts at PKF accountants & business advisers point
out that the government figures for the first quarter of 2008
show that the number of administrations rose to 858, 54.0%
higher than the previous quarter and 22.7% above the same period
in 2007.  The number is the second highest quarterly figure
since the Enterprise Act of 2002 changed the rules governing
administrations.

Receiverships rose to 273 in Q1 of 2008 - the highest level
since 2003 - 85.7% higher than the previous period and 145.9%
higher than a year ago.

"These figures should be of huge concern as they're a barometer
of business failure and show that the temperature is rising.  
While the government chooses to focus on liquidations, which
show single digit percentage increases, the number of companied
being forced into receivership or administration by their
creditors is rocketing," David Merrygold, partner at PKF
disclosed.

"Clearly the credit crunch is having an impact and banks are
increasingly wary of lending more money to businesses they don’t
regard as cast iron while other creditors are tightening their
payment terms with many starting to demand cash up front from
all but their most trusted clients," Mr. Merrygold said.

Mr. Merrygold added, "The reality is that the thousands of small
and medium sized enterprises that make up the backbone of the
British economy are going to face increasing difficulty as cash
flow is starting to dry up.  And most businesses had not
expected major fuel price hikes, with gas, electricity and
diesel costs in particular adding significantly to their costs."

"Regrettably, I think these figures are the tip of the iceberg
and likely to get increasingly worse this year," Mr. Merrygold
concluded.

PKF (U.K.) LLP -- http://www.pkf.co.uk-- specializes in  
advising the management of developing private and public
businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

                          *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
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Maryland USA.  Jason Nieva, Julybien Atadero, Carmel Zamesa
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Tovilla, Editors.

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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